Greece makes bid to secure its future in the euro

GREECE has made a request for aid from Europe’s bail-out fund as it rushed to deliver details of its proposed economic reforms in time to secure the country’s future in the euro and avoid a descent into financial chaos.

The government has asked for a three - year loan programme and insisted the rescue will be accompanied by major economic reforms. No detail was provided.

According to the letter sent to the European Stability Mechanism, Athens said it would “immediately implement a set of measures as early as the beginning of next week”. Those include tax and pension reforms, details of which will be presented today at the latest.

In the letter, the Greek government said it was asking for the loans “given the risk to the financial stability of Greece as a member state and of the euro area as a whole”.

Its aim was to regain “full and affordable market financing to meet its future funding requirements as well as sustainable economic and financial situation”.

Greece has been told it has to deliver details of the reforms by tonight so a deal can be agreed at a summit of the European Union’s 28 leaders on Sunday.

Prime minister Alexis Tsipras, addressing politicians at the European Parliament, said his country is seeking a deal that would bring a definitive end to his country’s financial crisis.

“We need to ensure the medium-term funding of our country with a development and growth programme,” Mr Tsipras said.

The head of France’s central bank, Christian Noyer, predicted “riots” in Greece if no deal is reached by Sunday.