Greek Prime Minister Alexis Tsipras has sent a formal letter to European Stability Mechanism (ESM), which is a € 500 billion fund asking a third bailout for Greece.
Key highlights from the letter -
- Greece has asked for a three year bailout program, instead of a two year it asked last week prior to the referendum.
- The amount of bailout is not clear as of now but IMF estimates it could be as high as € 70 billion.
- The letter shows, in spite of opposition from European lenders Greece might still be seeking some kind of debt relief. Though it has been too explicit in the letter - "Greece welcomes an opportunity to explore potential measures to be taken so that its official sector related debt becomes both sustainable and viable over the long term."
- Greece is going to present details of the proposals on Thursday.
- Letter also points that Greek government is ready to implement some of the measures which was discussed in previous proposals such as tax reforms as early as next week.
- Greece is also looking for some bridge financing to reopen its banks and to payback IMF and ECB.
The letter ends by suspending the previous request made to ESM.


How Donald Trump has changed the way diplomacy is done
China’s AI Manufacturing Boom Masks Weak Consumer Economy, Citi Says
J.P. Morgan Sees Potential Vestas Guidance Upgrade Amid Strong Wind Energy Demand
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns
How AI prompting turned writerly description into an everyday skill
Trump’s Iran Strategy: What Has Been Achieved After Three Months of Conflict?
SpaceX Stock Gets $175 Target as Analysts See Massive Growth Ahead
Silver Cracks Key 365-Day EMA for First Time Since Feb 2024; Bears Eye $50 on Rallies
AI Memory Boom Sparks Global Chip Supply Crunch
Goldman Sachs: US Dollar Likely to Stay Strong Despite Oil Price Retreat 



