Eurozone finance ministers approved the launch of formal bailout talks with debt-wracked Greece on Thursday, after the Greek parliament pushed through a raft of tough reforms set as the condition to open the negotiations.

"The Eurogroup welcomes the adoption by the Greek Parliament of all the commitments specified in the Euro Summit statement of 12 July," the Eurogroup of the eurozone's 19 finance ministers said in a statement after a conference call.

The ministers said the decision was based on an assumption that national parliaments, including in powerhouse Germany, would also approve opening negotiations on a massive 86-billion-euro bailout, Greece's third since 2010.

The Eurogroup, led by the no nonsense Dutch Finance Minister Jeroen Dijsselbloem, said the decision to move forward was "on the basis of a positive assessment" by the institutions that will govern Greece's bailout -- the European Commission, the European Central Bank and the International Monetary Fund.

The Eurogroup "concluded that the authorities have implemented the first set of four measures in a timely and overall satisfactory manner", the statement said.

In an almost immediate reward to Athens for securing the start of talks, ECB chief Mario Draghi in Frankfurt said that a vital cash lifeline to Greece's struggling banks would be raised.

The Commission, the EU's executive and Greek creditor, also approved Greece's delivery of key reform demands.

"The Greek parliament took an important step toward rebuilding trust with Greece's international partners," said commission spokeswoman Annika Breidthardt.

The Eurogroup statement did not mention whether ministers had discussed a three-month 7.0 billion euro bridging loan for Greece through an EU-wide crisis fund to hold Athens over until its new bailout is ratified.

Eurozone finance ministers approved the launch of formal bailout talks with debt-wracked Greece on Thursday, after the Greek parliament pushed through a raft of tough reforms set as the condition to open the negotiations.

"The Eurogroup welcomes the adoption by the Greek Parliament of all the commitments specified in the Euro Summit statement of 12 July," the Eurogroup of the eurozone's 19 finance ministers said in a statement after a conference call.

The ministers said the decision was based on an assumption that national parliaments, including in powerhouse Germany, would also approve opening negotiations on a massive 86-billion-euro bailout, Greece's third since 2010.

The Eurogroup, led by the no nonsense Dutch Finance Minister Jeroen Dijsselbloem, said the decision to move forward was "on the basis of a positive assessment" by the institutions that will govern Greece's bailout -- the European Commission, the European Central Bank and the International Monetary Fund.

The Eurogroup "concluded that the authorities have implemented the first set of four measures in a timely and overall satisfactory manner", the statement said.

In an almost immediate reward to Athens for securing the start of talks, ECB chief Mario Draghi in Frankfurt said that a vital cash lifeline to Greece's struggling banks would be raised.

The Commission, the EU's executive and Greek creditor, also approved Greece's delivery of key reform demands.

"The Greek parliament took an important step toward rebuilding trust with Greece's international partners," said commission spokeswoman Annika Breidthardt.

The Eurogroup statement did not mention whether ministers had discussed a three-month 7.0 billion euro bridging loan for Greece through an EU-wide crisis fund to hold Athens over until its new bailout is ratified.