Greece has agreed a deal with the IMF and the EU involving the provision of funds of €110 billion over the next three years. This IMF website has links to the various statements. It summarises the deal as follows:
Negotiators over the weekend wrapped up details of the package, involving budget cuts, a freeze in wages and pensions for three years, and tax increases to address Greece’s fiscal and debt problems, along with deep reforms designed to strengthen Greece’s competitiveness and revive stalled economic growth.
Whether this deal really avoids a Greek default will ultimately depend on whether the fiscal adjustments that are undertaken can, in fact, alter the underlying arithmetic to the point where the Greek debt burden becomes sustainable. Whether the existence of this deal eases further pressure on other European countries with debt problems is, as of yet, unclear.