Athens Debt-crippled Greece on Friday took a step closer to a huge third international bailout by formally requesting IMF help, but sources said "logistical problems" were delaying the start of talks in Athens. The Greek government, which is seeking a three-year bailout worth up
Athens
Debt-crippled Greece on Friday took a step closer to a huge third international bailout by formally requesting IMF help, but sources said "logistical problems" were delaying the start of talks in Athens.
The Greek government, which is seeking a three-year bailout worth up to 86 billion euros ($94 billion) to avert financial meltdown and a chaotic exit from the eurozone, had initially planned to go without fresh help from the IMF as it considers the agency too wedded to draconian austerity measures.
But in a letter to Christine Lagarde, the managing director of the IMF, Finance Minister Euclid Tsakalotos wrote that Greece was "seeking a new loan" from the IMF.
He noted that the Greek parliament has passed two laws enshrining a series of tough reforms demanded by the creditors, including tax rises and a pensions overhaul, in a step closer to finalising the deal.
"The Greek authorities have committed to implement a number of policies that would enhance fiscal sustainability, strengthen fiscal stability, sustain long-term growth and, importantly, spread the cost of economic adjustment in a fair way," the finance minister wrote in the letter, which was dated July 23 and released to the public on Friday.
"It is our belief that it will take several quarters before the Greek economy faces up to these challenges and returns to a vigorous and sustainable path to growth with fairness and social inclusion," he added.
