Greece's creditors in the 19-country eurozone have approved a list of reform measures proposed by Athens to get a four-month extension to its bailout.

An encouraging initial reaction from the so-called institutions - the European Commission, European Central Bank and International Monetary Fund - was backed by the eurozone. It now goes to some member nations for approval.

"We therefore agreed to proceed with the national procedures with a view to reaching the final decision on the extension by up to four months," a eurogroup statement said.

Greece's bailout programme ends at the end of the month and without further support over the coming months, the country faces the possibility of going bankrupt, imposing capital controls and ditching the euro.