What Tsipras wrote to ESM?

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.