The rescue fund, which will be donated to the ailing state over the course of the next three years, will receive â¬80 billion from the ECB with the IMF providing the rest of the money.
Before the terms of the bail-out were agreed, George Papandreou, Greek prime minister, said that the state needed to reach an agreement with the two bodies over a bail-out package to rescue the beleaguered state.
The politician was quoted by Reuters as saying: âToday the top priority is the survival of the nation. This is the red line.â
He added: âThe economic measures we must take ... are necessary for our country's protection, for our future, for us to be able to stand on our feet."
Earlier in the month, Moody's Investors Service downgraded the governmentâs debt after its deficit was found to be more than originally anticipated.
The figure of â¬32.34 billion ($42.81 billion) is equivalent to 13.6 per cent of gross domestic product and more than the previously-reported figure of 12.7 per cent.
By Jim Ottewill