Discrete Math Class

Greek Debt Crisis

Eurozone members and the IMF have agreed a 110bn-euro (£95bn; $146.2bn) three-year bail-out package to rescue Greece's embattled economy.

In return for the loans, Greece will make major austerity cuts which Prime Minister George Papandreou said involved "great sacrifices".

The EU will provide 80bn euros in funding and the rest will come from the International Monetary Fund (IMF).

The deal is designed to prevent Greece from defaulting on its massive debt.

However, it must first be approved by some parliaments in the 15 other eurozone countries.

Luxembourg's Prime Minister, Jean-Claude Juncker, said up to 30bn euros would be disbursed to Greece in the first year. The first loan tranche will be released before 19 May - the date of Greece's next debt repayment, he said.

The leaders of the 16-nation Eurogroup will hold a summit in Brussels on Friday to "draw initial conclusions from the Greek crisis", he added.