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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Greece secures unprecedented bailout: PM AFP - Monday, May 3 Send IM Story Print Demonstrators clash with police during a massive demonstration to protest against austerity measures and marking May Day in Athens. Greek Prime Minister George Papandreou said Sunday an unprecedented bailout had been agreed with the EU and IMF to avoid bankruptcy, but that the country would have to make big sacrifices for the aid. ATHENS (AFP) - – Greek Prime Minister George Papandreou said Sunday an unprecedented bailout had been agreed with the EU and IMF to avoid bankruptcy, but that 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". Visibly uneasy making the announcement, he said that the size of Greece's bailout was "without precedent" in the world, but did not reveal how much it was worth. Related article: Greek crisis borne of corruption, waste: experts According to French Finance Minister Christine Lagarde, the rescue loans could run from 100 to 120 billion euros (133-160 billion dollars) over three years. A Greek government source said that the size of the rescue would be revealed at extraordinary meeting of eurozone finance ministers Sunday afternoon in Brussels. Papandreou said that active and retired public sector workers would bear the brunt of the new wave of budget cuts, which the EU and the IMF had demanded as conditions for releasing the desperately needed loans. "The sacrifices are hard but necessary ... (and) without which Greece would be in bankruptcy," Papandreou said. "Avoiding bankruptcy is our nation's red line." After months of hesitation, eurozone countries decided to accelerate rescue efforts for Greece out of fear its debt crisis could pull down other members with severely strained public finances such as Portugal or even Spain. "Today the problem has taken on huge dimensions, today the fire risked extending not only to Greece but to the eurozone and beyond," Papandreou said. "The cost of extinguishing it is very high, and it's very high for Greek citizens," he added. Related article: Moody's downgrades Greek banks Greek Finance Minister George Papaconstantinou was to reveal details of the of the austerity cuts during a press conference late Sunday morning. Asking his ministers to approve the austerity drive, Papandreou said that he would take "all the necessary decisions so that by the end of (his) mandate the country is not crushed by its debts." "There will be historic changes for the citizens, but there was no alternative," he said. The government, the EU and the IMF wrapped up the tough negotiations on Saturday as 15,000 people swarmed through the streets of Athens in May Day protests against the austerity drive. With nine billion euros in debts coming due on May 19, the government had few choices but to turn to the EU and IMF for help to avoid defaulting on part of its mountain of debt reaching nearly 300 billion euros. After Greece's credit rating was cut last week to junk status, the interest rates the country has to borrow at shot through to record levels with the 10-year bond yield at one point surging past 11 percent before falling back. 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