In order to avoid a catastrophic default, other euro area nations agreed on a fiscal rescue package, along with the International Monetary Fund worth some 45 billion euros. This proved insufficient however, and by 2012, a second bailout worth 130 billion euros was approved.
This was subject to strict conditions and fiscal reform involving a public sector cull and harsh austerity measures. Germany has provided the bulk of funding to the European Stability Mechanism which implemented the rescue package. Anti-German sentiment has been rising in Greece as a result, where immense dissatisfaction has led to street clashes and protests.