The International Monetary Fund approved a 28 billion-euro ($36.6 billion) fund for Greece over the next four years as part of a second resuce package with the euro area countries after the debt-throttled nation sealed the biggest sovereign-debt restructuing in history.

Today I have consulted with the IMF's Executive Board and on that basis, as discussed with the Greek government, I intend to recommend a 28 billion-euro arrangement under the Fund's Extended Facility, Managing Director Christine Lagard of the IMF today said in a statement on Greece.

The Washington-based IMF said 1.65 billion euros will be immediately expended in light of the new arragnement. The four-year tender announced today follows an earlier progrram that was cancelled, leaving 9.7 billion euros that was never disbursed.

As of 12:32 p.m. EST, the 17-bloc common currency rose on the IMF announcement to record a fresh daily high $1.3086 and now trades around $1.3073.