IMF says Greek aid "big, unprecedented"

IMF chief negotiator, Poul Thomsen, briefed reporters on Sunday after Greece agreed with the European Union and the IMF on a massive financial bailout for the debt-stricken country.

In exchange for a bailout of up to 120 billion euros ($160 billion), the largest assembled for any country, Athens announced spending cuts and tax increases totaling $30 billion euros ($40 billion) on top of austerity measures already announced. >>