The head of the Eurogroup of finance ministers has said the euro zone is expected to agree on fresh help for Greece.
Jean-Claude Juncker also said private banks were also set to help Greece on a voluntary basis. Mr Juncker was speaking after meeting the Greek Prime Minister George Papandreou in Luxembourg.
As the two met, Greece announced that a four-week audit of its finances by EU and IMF experts had concluded satisfactorily.
'Today the Greek government's talks with the representatives of the European Commission, the European Central Bank and the International Monetary Fund concluded in a positive manner,' the Greek finance ministry said.
After weeks of tough talks to save Greece from bankruptcy, the ministry said the two sides discussed a four-year programme to reduce the Greek public deficit and its debt of some €350 billion through further reform and a sweeping, controversial privatisation drive.
The EU, IMF and ECB, which bailed out Greece last May, made these commitments a condition of extending further aid from the €110 billion rescue package.
The troika said this evening that the next tranche of international aid for Greece should be available in early July following further talks in the next few weeks on Greece's economic programme.
The three also said the Greek government would set up an independently managed privatisation agency.
Greece had achieved significant progress but fiscal and structural reforms had to be stepped up, the joint statement said. Aid for Greece needs to be approved by euro zone finance ministers and the IMF's executive board before it can be released to Greece.
Moody's downgrades eight Greek banks
Moody's Investors Service today downgraded the deposit and senior debt ratings of eight Greek banks following its downgrade earlier in the week of Greece's sovereign ratings.
Moody's cited the main reason of the downgrade as 'the rising likelihood of a sovereign debt restructuring, which is reflected in the rating action on the Greek sovereign'.
On Wednesday Moody's downgraded Greece's sovereign rating to Caa1 from B1, which puts the odds of a debt default at even.
