(VOVworld) – Eurozone governments will contribute between 40 and 50 billion euros of the three-year bailout for Greece expected to cost up to 86 billion euros, a European official said on Tuesday.

Eurozone governments will contribute between 40 and 50 billion euros of the three-year bailout for Greece. (Photo: economictimes.indiatimes.com)

The International Monetary Fund will contribute another major chunk, as the Washington-based lender is due to pay Athens 16 billion euros in a program that is still running until March 2016. The official said that the rest will come from profits from Greek privatizations and a return to the financial markets. Earlier, 19 eurozone leaders agreed to offer Greece a new bailout after an emergency summit on July 13^th. The Eurozone is ready to apply a program called European Stability Mechanism for Greece with demands of serious reform and financial support.