The eurozone nations have provided assistance to Greece in the form of loans worth up to €30 billion.

Finance ministers met to agree a package of emergency measures that will provide the country with bailouts if attempts to reduce spending and raise funds from elsewhere are unsuccessful.

The move could provide much-needed stability for the economy and assist the Greek employment market.

A three-year financing project has been drawn up for loans to Greece that will provided should a formal request for help be submitted.

Greek officials and representatives of the International Monetary Fund have also met to discuss the country's debt issues and the organization is providing support for the eurozone strategy.

Commenting on the move by the Eurogroup, president of the European Union Herman Van Rompuy welcomed the decision, adding it "will contribute decisively to the financial stability of Greece and the eurozone".