By Jonathan Davies

Eurozone finance ministers have joined the European Commission in approving the proposals set forward by Greece to allow for an extension of its bailout.

Greece's current bailout programme expires on 28 February and without any agreement on an extension, the country would likely run out of money in a matter of months.

"National procedures for extension of the Greek programme can begin," EU Euro Commissioner Valdis Dombrovskis said on Twitter.

European Commission officials said the proposals were "sufficiently comprehensive to be a valid starting point".

Greece needs approval from its international creditors for a four month loan extension.

The proposal is somewhere between satisfying the creditors and keeping pre-election pledges. The Syriza party was elected largely based on its anti-austerity policies. Greece had initially proposed a six-month extension without any of the austerity measures imposed by the bailout.

Greece is planning to clamp down on tax evasion and corruption in order to fund social spending and alleviate some of the anti-austerity measures which it says has created a "humanitarian crisis".

The statement issued by Commission Vice-President Valdis Dombrovskis and Economic Affairs Commissioner Pierre Moscovici suggests Greece's proposals have earned their support.

It says Greece needs to "refrain from any roll back of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions" of the troika (European Commission, European Central Bank and International Monetary Fund).