Greece Races Against Clock to Submit Reform Proposals

Greece made a request for aid from Europe’s bailout fund Wednesday as it rushed to deliver details of its proposed economic reforms in time to secure the country’s future in the euro and avoid a descent into financial chaos.
Greece Races Against Clock to Submit Reform Proposals
People stand in a queue to use the ATMs of a bank in Athens, Greece, Wednesday, July 8, 2015. AP Photo/Petr David Josek
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ATHENS, Greece—Greece made a request for aid from Europe’s bailout fund Wednesday as it rushed to deliver details of its proposed economic reforms in time to secure the country’s future in the euro and avoid a descent into financial chaos.

The government has asked for a three-year loan program and insisted the rescue will be accompanied by major economic reforms. No amount was mentioned.

According to the letter sent to the European Stability Mechanism, Athens said it would “immediately implement a set of measures as early as the beginning of next week.”

Those include tax and pension reforms, details of which will be presented Thursday at the latest. Those are two of the issues that divided the Greek government and creditors over the past few months of protracted discussions.