Euro Zone Ministers Approve Greek Bailout Reform Plan

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It came down to the wire, but finance ministers in the euro currency zone have approved Greece's reform proposals, a major step toward giving the country a four-month extension to keep from running out of money.

European Union Economics Commissioner Pierre Moscovici told reporters Tuesday that individual euro zone member states now had to give the plan the green light, with Germany set to debate the issue on Friday.

The approval, which came after Athens submitted a list of reform proposals at the cusp of a deadline to do so, will pave the way for the final installment in Greece's $273 billion bailout to be paid. It will also allow Greece and its official creditors to proceed with discussions for a new program over the next four months.

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-- CNBC and NBC News staff