EU, IMF rescue agreed: Greek PM

ATHENS: Greek Prime Minister George Papandreou said Sunday a bailout package had been agreed with the EU and IMF to avoid "bankruptcy" and the country would have to make "big sacrifices" for the aid.

"Today we endorse the agreement" that was reached on Saturday with the European Union and International Monetary Fund, Papandreou said in a televised address at the start of an extraordinary cabinet meeting.

"With our decision today our citizens will have to make big sacrifices," he said, describing public anger at the new wave of austerity cuts as "evident".