Greece is breathing a sigh of relief after European leaders pledged to provide a second bailout to the financially strapped nation.

The 109 billion euro ($155 billion) rescue plan is intended to prevent Athens from defaulting on its massive public debt and stabilize the common European currency.

The plan was  announced Thursday by Eurozone countries and the International Monetary Fund.
  
Greece got itself into trouble after years of overspending. Thankful for second bailout deal, Greek Finance Minister Evangelos Venizelos promised to cut the nation's budget deeply in the years ahead.

"The situation is difficult of course. The problem is great. Our responsibility is great in terms of time and history," he said.

Although protesters have taken to the streets against the budget cuts, Greece has passed a five-year plan that reduces spending and privatizes many government operations.

"It is of great importance that we make use of every opportunity, every moment to the full extent, as we have now a new momentum," Venizelos said.