Eurozone finance ministers agreed on Sunday to activate the aid package for Greece, offering along with the International Monetary Fund (IMF) 110 billion euros to the debt-laden country in the next three years.

President of Eurogroup and Prime Minister of Luxembourg Jean-Claude Juncker (C) hugs President of European Central Bank Jean-Claude Trichet (L) as Greek Finance Minister George Papaconstantinou looks on at a press conference after Eurogroup finance ministers meeting in Brussels, capital of Belgium on May 2, 2010. Eurozone finance ministers agreed on Sunday to activate the aid package for Greece, offering along with the International Monetary Fund (IMF) 110 billion euros to the debt-laden country in the next three years. [Wu Wei/Xinhu]

"Following a request by the Greek authorities, euro area ministers unanimously agreed today to activate stability support to Greece via bilateral loans centrally pooled by the European Commission under the conditions set out in their statement of April 11," President of the Eurogroup Jean-Claude Juncker told a press conference after a meeting of the bloc's finance ministers.

Juncker said that the Eurogroup and the IMF will together offer 110 billion euros to help Greece meet its financing needs, with euro area members ready to contribute for their part 80 billions euros, including up to 30 billion euros in the first year.

The president stressed that the financial support will be provided under strong policy conditionality, on the basis of a program which has been negotiated with the Greek authorities by the Commission and the IMF, in liaison with the European Central Bank.

According to Juncker, the main elements of policy conditionality will be formally adopted in the coming days and further detailed in a memorandum of understanding to be concluded between Greece and the European Commission on behalf of euro area member states.

The finance ministers of the eurozone called Sunday's meeting after the Greek government announced earlier in the day that it had reached a deal with the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) on the long-expected aid plan, which would oblige Athens to implement new harsh austerity measures and structural reform in the next three years.