Greece has secured a deal in principal with the eurozone to release the latest tranche of its bailout funds.

A set of economic reforms will be put forward to the Greek government on Thursday. This set of funds have been delayed somewhat because of differences over reforms to the protection of home owners whose mortgages are in arrears, and banking reforms.

Greek finance minister Euclid Tsakalotos described the negotiations as 'difficult', and suggested that Greece only agreed to the reforms because of the urgency of the banks' need for support.

The eurozone will provide €2 billion (£1.4bn) in financial aid loans and €10bn worth of support for the country's struggling banking sector. The latest set of funds will take the total to €13bn since the third bailout deal was agreed in July. Over the entire duration of the third bailout package, the eurozone give lend Greece €86bn.

Greece's banks were near collapse earlier in the year after the prospect of securing a third bailout package looked dark. The government missed deadlines for repayments on its previous deal and the banks ran out of capital to supply customers accounts. Branches were closed for weeks and ATMs restricted the amount of cash issued to the public, and many often ran out of cash altogether.