Wednesday, July 8, 2015

Greece Submits New Loan Request as Tsipras Takes Defiant Stance by New York Times

ATHENS — Greece, running out of money and under a tight deadline from European leaders, requested a three-year loan on Wednesday from the eurozone’s bailout fund as the country and its creditors began what could be a last effort to avert a historic rupture.

But in making a formal request for new aid that it needs to avoid further defaults on its debts, Greece did not provide any details of what it would do in return to show that it is serious about strengthening the government’s finances, other than alluding generally to a willingness to make quick changes to its tax and pension systems. The government said it would provide those specifics on Thursday.

Nor did it publicly describe the size of the loan it was seeking. Some economists have estimated that Greece will need 50 billion euros (about $55 billion), or possibly more.

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