Finance ministers of the 19-nation euro single currency group have approved the first 26 billion euros ($29 billion) of a vast new bailout package to help rebuild Greece's shattered economy.

Eurogroup chairman Jeroen Djisselbloem said Friday that "of course there were differences but we have managed to solve the last issues."

The move saves Greece from a disorderly default on its debts which could have come as soon as next week and helps to cement its membership of Europe's single currency.