Eurozone finance ministers approve the third bailout package for Greece

Finance ministers of the 19-nation euro single currency group said Friday that they had approved the first 86 billion euros ($96 billion) of a vast new bailout package that will help rebuilt Greece's shattered economy.

Jeroen Djisselbloem, Eurogroup chairman also said on Friday that "of course there were differences but we have managed to solve the last issues."

The ten billion euro cash will be used to recapitalize Greece banks, while the second portion of 16 billion euros will be paid in several installments that will start with a 13 billion euro installment by the 20th of August when Greece must make a new debt payment to the European Central Bank.

After the deal was sealed, European Commission President Jean-Claude Juncker said, "On this basis, Greece is and will irreversibly remain a member of the Euro area."

The final rescue package given to Greece would reach 86 billion euros ($93 billion) in loans over three years. The package requires the country to maintain a budget surplus which is equivalent to 3.5% of the country's GDP. The bailout bill passed because of the support from opposition parties, having 222 votes in favor, 64 against, 11 abstentions and 3 absent in the 300-member parliament.

Although the bill was approved by a comfortable majority, the result was an assault to Prime Minister Alexis Tsipras as 40 of his 149 Syriza party lawmakers voted against him.

The Outspoken former finance minister Yanis Varoufakis and other senior Syriza cadres rejected to support the three-year deal, which the premier has previously warned would force him to call early elections.

According to Bundestag president Norbert Lammert, that in the event of a thumbs-up from the Greek lawmakers as well as the Eurogroup, there will be an extraordinary session to be held on August 18 or 19 to vote on the bailout.