Greece's creditors today have agreed to release the next tranche of its rescue loans, amounting to €10.3 billion ($11.5 billion).

After late-night talks in Brussels, eurozone finance ministers and the International Momentary Fund came to a deal that unlocks the aid and sets out how the country can get future debt relief.

The funds will help the country avoid defaulting on debt repayments to the IMF and European Central Bank due in July. The first bit of the loan, €7.5 billion, will be released next month and the remainder of the payment will be made after the summer.

The finance ministers and the IMF agreed to a number of measures to restructure the country's €86 billion in debts before the bailout ends in 2018.

The IMF made major concessions in the talks. IMF director of European department Poul Thomsen said, "We had argued that these debt-relief measure should be approved up front and we have agreed that they will be approved at the end of the program.... We all showed flexibility."

Germany and the Netherlands had resisted the debt-restructuring deals, as the countries have elections next year and were attempting to avoid debating the issue at home.

The Athens Stock Exchange Index was up 0.65% when the market opened.