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.