For days now, top politicians in Athens have been seeking to reach a deal on austerity measures required for a new multi-billion euro bailout package. They ended the impasse on Thursday and it appears the country will agree to most of the stringent requirements laid out by the E.U. and IMF for additional aid.

After days of difficult negotiations, the leaders of the parties that comprise the Greek coalition government agreed to implement new austerity measures required in order for the country to receive additional aid from the European Union and the International Monetary Fund (IMF), the office of Prime Minister Lucas Papademos announced on Thursday.

The highly indebted euro-zone country is close to insolvency, and the government in Athens appears to be willing to meet most of the demands made by the troika, comprised of the E.U., IMF and European Central Bank (ECB), responsible for determining if Greece has fulfilled its aid requirements.

ECB chief Mario Draghi confirmed he had been informed by Papademos of the agreement. "A few minutes ago I got a phone call from the prime minister of Greece saying that an agreement has been reached," said Draghi.

Euro Group To Consider Deal Thursday Night

Time is running out; and without a firm commitment of reform, Greece's European partners didn't want to release to Greece the second aid package, worth €130 billion ($173 billion). On Thursday evening, the euro-zone finance ministers plan to meet in Brussels in order to discuss the overall situation and the savings pledges made by Athens. The ECB's Draghi and IMF chief Christine Lagarde are also expected to participate in the meeting.