[Iran Press TV Latest] The International Monetary Fund has approved a 30-billion-euro ($40 billion) rescue loan for the debt-ridden Greece. "The IMF executive board has concluded its discussion on Greece and approved a three-year stand-by arrangement for a total amount of SDR 26.4 billion (30 billion euros)," the IMF said in a statement on Sunday.
Greece will also get another 100 billion dollars in aid from the European Union.
The combined bailout package is the largest ever in history. Greece must commit to a radical austerity program in exchange for the financial aid.
The Greek parliament's approval of spending cuts and wage freezes has sparked violent protests in the capital Athens.
The country is in urgent need of funds to make debt payments due in ten days.
Worries that Greece's difficulties may spread to other countries have rattled investors around the world. Global financial markets have dropped sharply in recent days and attributed to the financial troubles in Greece.