Eurozone officials announced Tuesday they have approved 2.8 billion euros for Greece from its huge third bailout after the cash-strapped nation delivered the needed reforms.

"Today's decision to disburse €2.8 billion ($3.0 billion) to Greece is a sign that the Greek people are steadily making progress in reforming their country," said a statement from the directors of the European Stability Mechanism, the Eurozone body controlling Greece's bailout loans.