The deal of eurozone's finance ministers to lower Greece's debt and disburse the next tranche of bailout fund was a wise deal, said a member of European Central Bank (ECB)'s governing council on Wednesday.

"I believe in such a difficult situation as we have in Greece, there isn't an ideal solution. But it is a solution that is probably better than all other alternatives, and in this sense I am happy that it is this solution," Ewald Nowotny, who is also Austria's central bank governor, told Austrian ORF radio.

After a marathon closed-door meeting that lasted over 10 hours till early Tuesday, the eurozone ministers and the IMF agreed to disburse to Greece 43.7 billion euros (some 56 billion US dollars) in badly needed bailout funding promised in a previously agreed rescue package.

Nowotny stressed that despite the considerable process made to implement reforms in Greece, work still needs to be done to promote the country's privatization and improve the efficiency of the country's tax-collection system. Endi