(VOVworld) - The European Stability Mechanism (ESM) gave a green light Wednesday to Greece's 86-billion-euro bailout package, following approval by several EU members.

ESM agrees 86-billion-euro bailout deal for Greece.

The announcement followed a teleconference by ESM's board of governors, comprising finance ministers of the Eurozone's 19 countries, on the Financial Assistance Facility Agreement (FFA) with Greece. Under the FFA, the ESM will provide up to 86 billion euros in financial assistance to Greece over three years. The ESM leaders also approved a Memorandum of Understanding which outlines specific measures the Greek government has agreed to follow to cope with the huge problems facing Greece’s economy.