EU Commission ready to release post-bailout grants to Greece

Greece has respected its commitments under a post-bailout program, the European Commission said on Wednesday, paving the way for Athens to receive nearly 1 billion euros ($1.1 billion) in new grants.

The release of funds, which needs to be endorsed by eurozone finance ministers at a meeting on Friday, would boost Greece's already large cash buffers and could allow the country to borrow at more favorable rates.

Greece exited its last bailout in August after eight years of financial support from eurozone creditors and the International Monetary Fund. It has already successfully tapped financial markets again.

The funds, the first installment of a post-bailout program, should have been released earlier, but the payment was delayed because creditors said Athens had not executed required reforms by the end of last year.

The Commission's positive assessment on...