George Osborne has hailed the deal on the eurozone, saying "very good progress" had been made on key issues.
In a statement to parliament, the chancellor said that no UK banks needed recapitalisation and British taxpayers will not contribute to the €30 billion euro bailout.
"And he said while Britain would be willing to give more support to the IMF "if necessary" the money could not be allocated to "resources reserved only for use by the Eurozone."
"Let us remember that support for the IMF does not add to our debt or deficit, and that no-one who has ever provided money to the IMF have ever lost that money.
"But let me be very clear – we are only prepared to see an increase in the resources that the IMF makes available to all the countries of the world."
He previously told BBC Radio 4's Today programme some key details such as China's involvement still needed to be outlined. "Of course, we have now got to get the detail, there is still quite a lot of detail to be filled in and I think the crucial thing this morning is to maintain the momentum to ensure that we don’t see what happened back in July when they agreed another package but then it took months to put into place.
"We have got to maintain the momentum from last night and turn what was a good package into something that has actually got all the detail and is going to work in practice.”
See below for a slideshow of key political reaction to the eurozone deal.
"There are now serious questions even amongst eurozone members as to whether they're prepared to face the consequences of the single currency. "I think there are big questions the eurozone members have to ask themselves. If they want to keep the single currency they have to accept the fact that the richer countries help the poorer countries. They would have to pool resources through Eurobonds and so on. Last night wasn't so much about the euro. It was action, taken on the highest level, to try and stop a collapse of confidence in the European economies. "Whilst it is welcome that they have reached a high-level agreement, until we see the detail in relation to what this means for Greece, which banks are getting how much and of course in relation to a rescue fund and how that is being put together, then that uncertainty is going to continue, which is a bad thing."
"That is of course one of the key details to put it mildly. There are very important questions to be resolved. Whether China is going to be involved, exactly how they are going to operate this new firewall, or the leveraged-up firewall, whether all the private sector are going to be involved in the Greek write-down of debt. "These are very important questions but I don't think we should take away from the fact that we are in a much better position this morning than we were yesterday afternoon, that the eurozone leaders have grasped the seriousness of the situation. "The pressure has paid off in that respect and now we have got to maintain the pressure to put the measures into place and actually fill in the blank spaces that remain and get the eurozone into a much more stable position and then address, of course, at the same time the longer term issues which is how we make the eurozone work in the long term which both economically and politically."
"It is important that it does not collapse in a disorderly way. It does need to be unwound in an orderly way. The fact that they have some kind of agreement - I'm not sure how much of details are properly bolted down - but so long as they have some kind of agreement for the time being is obviously good news. You don't want it to break up in disarray but it is fundamentally flawed and they have got to recognise that, and the political implications of that too."
"We can claim that a new day has come for Greece, and not only for Greece but also for Europe."
We have been negotiating for long hours, but I believe the result will relieve the whole world"
"The package that we have agreed tonight, a comprehensive package, confirms that Europe will do what it takes to safeguard financial stability," He added: "I've said it before and I'll say it again, this is a marathon not a sprint."