In a rare piece of good news for Greece, euro zone officials approved the transfer of 4 billion euros ($5.3 billion) of funding on Friday, leading analysts to claim that – although there is a tough road ahead – the worst is over for the embattled country.
European governments are expected to approve the latest aid disbursement on Monday, meaning that, despite delays, Greece has once again managed to meet its bailout requirements.
David Lea, senior analyst at Control Risks, said this was another sign things were starting to look up for Greece, which has been struggling with recession for the past six years.
"Greece has been producing slightly better data (substantially better in terms of areas like primary balance and collection of tax revenues) since mid-2012, and this data now appears to be hitting home on an official level," he told CNBC on Friday.
"The rather premature obsession with the 'Grecovery' buzzword at the end of last year and start of this has given way to a more realistic and pragmatic response to the situation."
(Read More: Greece gets green light for 4 billion euro payment)
The political situation in the country has also improved in recent weeks, after a wobbly period for Prime Minister Antonis Samaras in June. The Democratic Left party (DIMAR) party left the coalition government after talks to resume the state broadcaster, ERT, collapsed.
But Samaras managed to stay in power and his government is more stable because of it, Lea added. "There have been no real major protests that have turned violent for more than a year now, and the government looks like remaining relatively stable now that the Democratic Left have pulled out."
Nicolaus Heinen, an economist at Deutsche Bank, said he saw progress in Greece, as fiscal deficits have been lowered and a liberalized labor market has decreased labor unit costs. But he stressed that meeting the requirements dictated by the "troika" of the European Commission, the European Central Bank and the International Monetary Fund did not mean progress was actually occurring.
"The troika's requirements can only address the regulatory conditions that can lead to results with a time lag - but not the results themselves," Heinen told CNBC. "Thus, Greece complying with the requirements of the troika does not mean that conditions themselves will improve the business case of Greece soon."
Grant Lewis, head of research at Daiwa Capital Markets, said the latest approval of funding simply showed that Greece was following the rules.
"They have no choice. It's that simple. In terms of what they're doing right, they're not doing anything wrong," he told CNBC.