Greece has made a deal with European Union and IMF for a multi billion deal. The government has expected the Greek people to make big sacrifices. The Prime Minister George Papandreou addressed the Greek people on Sunday. The financial bailout is total of $160 billion and still needs backing.

The backing is from Greece European peers from May 19.The Greece capital is under huge debt repayments to the creditors. The economic collapse has announced the budget cuts of $40 billion over three years. The EU limit by 2014 originally promised by Athens the Greek capital. The main aim of the aid package is to rescue the member of 16 nation Euro zone.

The second aim is to stem a debt crisis which has shaken the markets. The austerity drive has lead to the strike by Greeks against the economic collapse. Greeks needs to have responsibility and these sacrifices will help have breathing space. The minister said the choice is between collapse and salvation. The structural reforms will bring about a lot of changes else the country will reach the dead end.