Eurozone finance ministers have approved the first round of new funding for Greece.

The tranche said to be worth €23bn will go ahead after member state's parliaments gave the go ahead.

Athens is due to make a loan repayment of €3.4bn to the European Central Bank tomorrow.

Earlier today, German MPs overwhelmingly approved a third bailout deal for Greece, despite opposition from some conservative politicians.

The final vote was 454-113, with 18 politicians choosing to abstain, following concern that Chancellor Angela Merkel could face dissent from conservatives in her ruling bloc.

German Finance Minister Wolfgang Schaeuble said earlier today that it would be "irresponsible" for his fellow MPs to reject the bailout, as it was an opportunity to "seize the chance" for a new beginning in Greece.

The package, worth €86bn, will be paid in installments spread over the next three years.

The first payment will total €26bn - €10bn will be used to recapitalise the Greek banking system and the remaining €16bn, paid in parts, will largely go towards repaying debts.

It has been agreed that €13bn will be released by August 20th as Greece is due to make a repayment of €3.2bn to the European Central Bank (ECB).

But the amount is owes has thought to have risen to closer to €3.4bn, once interest has been taken into account.