Brussels/Athens: The European Stability Mechanism (ESM) have received a formal request for bailout aid from Greece to avoid Grexit, a media report said.
The request has asked for a three-year loan from the bailout fund, Xinhua quoted a spokesperson of ESM as saying on Wednesday, but the anonymous official declined to mention the amount.
The Greek finance ministry on Wednesday said in a statement that Greece`s government pledged the immediate implementation of reforms on the formal proposal tabled.
"Greece seeks from the ESM a loan facility with an availability period of three years ... The loan will be used to meet Greece`s debt obligations and ensure stability of the financial system," read the letter signed by Finance Minister Euclid Tsakalotos.
"Consistent with the principles of this medium- to long-term programme, the republic is committed to a comprehensive set of reforms and measures to be implemented in the areas of fiscal sustainability, financial stability and long-term economic growth."
"Within the framework of the programme, we propose to immediately implement a set of measures as early as the beginning of next week including tax reform-related measures and pension-related measures," added the Greek official.
The Greek minister reiterated the country`s commitment to honour its financial obligations to all creditors in a full and timely manner, and to remain a member of the Eurozone and respect the rules and obligations as a member state.
Eurogroup Head Jeroen Dijsselbloem urged Greece to sent a request letter on Wednesday morning to ESM after Tuesday`s meeting of Eurozone finance ministers, saying it is the first step to restart negotiation.