Greece has been thrown another financial lifeline, with the EU and the International Monetary Fund agreeing to a $9.5 billion deal to spare the country from defaulting on debts.

With the Greek crisis now in its fourth year, some bankers and financial experts are wondering if the country can ever recover. However, after a meeting in Brussels, The European Central Bank, the European Commission and the IMF have resolved to do what it takes to stop Greece going under in an attempt to repay its debts.

Greece will receive the money in installments throughout the next twelve months, but the deal comes with strict bailout terms including cutting thousands of public sector jobs, raising taxes and selling state assets. Austerity measures imposed over the last few years have lead to a complete dissolution of Greek public life, violence, rioting and an increase in anti-immigration and xenophobic views.

Under new bailout terms experts say Greece will only sink deeper into its national depression, the country's state-run television network can no longer even afford to broadcast.

Germany has reportedly been supplying a large portion of the bail-out money, the helping hand has been a big campaign platform for the re-election of Chancellor Angela Merkel.

Any more pressure on Greece and it may be forced to exit the Eurozone agreements entirely, leading to an unprecedented situation sure to have global ramifications.

The IMF is yet to finalise bail-out details, but they have posted a small release praising Greece's economic recovery efforts and plans, available here.