The European Union and International Monetary Fund have agreed to a $146 billion bailout for Greece after Athens committed itself to years of austerity measures.

Greek Finance Minister George Papaconstantinou: “It is an important day today. It is not an easy day, but it is a day in which we have the commitment of the Greek government to do whatever it takes to bring the economy back on a sustainable path.”

Greece is expected to soon unveil a series of spending cuts, consumer tax hikes and the docking of pensions. On May Day, Greece’s two main labor unions organized large rallies to oppose the cuts. In Athens, youth protesters battled with police just outside the Athens Polytechnic University. Video shows the youth throwing rocks and other projectiles, including firing fireworks and flare guns. Barricades were set up in the streets. Police responded by charging at the protesters and firing tear gas shells.