The European Commission has announced that talks to avert a financial meltdown in Greece are progressing well.

Discussions have been ongoing between Greek finance ministers and the so-called “troika” of inspectors – the European Commission, the European Central Bank, and the International Monetary Fund.

The talks are aimed at reaching an agreement over a set of measures that would allow the release of the next bailout instalment to Greece.

The BBC reported that inspectors suspended a review of Greece's austerity programme, which is needed before Greece can secure the funds.

The network said the suspension “had unsettled the global financial markets for days”.

(Read more on GlobalPost: Greece will stay in euro zone, Merkel and Sarkozy say)

The EC said in a statement late Tuesday that a full troika mission was expected to return to Athens early next week to resume the review, including policy discussions.

Good progress was made … and technical discussions will continue in Athens over the coming days.

The ongoing negotiations are the clearest indicator yet that parties are “about to sign off on an 8bn-euro aid payment to the debt-ridden country”, reported the Financial Times.

Greece has been working to wipe 2bn euros off its budget deficit, in order to meet the terms of a 110bn-euro bailout from the troika members.