Vice President of the European Commission Jyrki Katainen said here on Monday the Greek debt's loan period may be extended and the interest may be lowered.

The Greek Parliament approved on Sunday night a controversial austerity package, which included pension cuts, social contribution rises and tax hikes.

In an interview with Finnish national broadcaster Yle, Katainen said the Greek Parliament's decisions were necessary for the future of Greece.

Katainen said the Greek government was completing the process of structural reforms and budget balancing, so that the growth and stability could gain new foothold. He added that the process should have been finished several years ago.

He said that in the Eurogroup's assessment, the economic reforms of Greece were likely to be sufficient to obtain the next tranche of loan.

"It is possible that the finance ministers of Eurogroup at some point conclude that the loan maturity is extended, and the interest rates are reduced," Katainen was cited as saying.

He pointed out the biggest challenge for Greece was to bring the banks' balance sheets in order.