Greece has finalized the agreement with the EU and IMF for a deal to rescue the country’s crumbling economy, BBC reports Sunday.

Greek Prime Minister, George Papandreou, is quoted saying “avoiding bankruptcy is the country's priority but that Greece would have to make "great sacrifices".

The talks with the European Union and the International Monetary Fund began in Athens on April 21 and ended late Saturday. Details of the rescue deal, and the measures Greece has agreed to take in return, will be announced later Sunday, after Papandreou calls the cabinet to notify them about the results which are expected to unblock billions in EU assistance.

The meeting of the government will be aired life on Greek TV and will be followed by a press conference.

There are fears that Greece's debt crisis could spread to other countries using the European single currency. European finance ministers from the Eurtozone, including the Greek, George Papaconstantinou, will gather in Brussels and are expected to approve the agreement.

The EU is demanding austerity cuts in exchange for the huge bail-out. The rescue package is expected to amount to as much as EUR 120 B for the next 3 years.

The announcement about the deal comes a day after demonstrators, who rallied against the austerity cuts, clashed with police in Athens where a state TV truck was petrol-bombed and a prominent hotel was vandalized in the central Syntagma square.

Thousands of Greeks took part in May Day rallies called by trade unions and left-wing parties. Protesters hurled bottles and rocks and fought running battles with police in riot gear.