A top European official says the countries that use the euro have formally approved a second bailout for Greece, as they had signaled since last week, and authorized the release of euro39.4 billion ($51.44 billion), AP reported.

Jean-Claude Juncker, prime minister of Luxembourg and chairman of meetings of eurozone finance ministers, says the European Financial Stability Facility - or EFSF - will disburse the money in several installments.

The March 14 decision was a formality, as Greece had already been found to have met all the conditions for the new aid program.

Juncker said the bailout "constitutes a unique opportunity for Greece that should not be missed," and urged continued reform. "This will allow the Greek economy to return to a sustainable path," he said.