Eurozone finance ministers agreed Wednesday to phase in debt relief for Greece, a key demand made by the International Monetary Fund if it is to stay in Athens' bailout programme.

"The Eurogroup agreed today on a package of debt measures which will be phased in progressively," Eurogroup chairman and Dutch finance minister Jeroen Dijsselbloem told reporters after talks at which they also agreed to unlock 10.3 billion euros ($12 billion) in bailout funds.