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That makes the ESM on Wednesday.
It is a support package for three years, as can be read in the letter that the Greek Government to the sent emergency fund. Last week, the Greeks asked for an aid package of 29 billion euros from the emergency fund, spread over two years.
There also can be seen that the Greeks next week able to implement reforms in the areas of taxation and pensions. Further details on reforms and austerity be sent Thursday to the Eurogroup.
Between the lines, the Greek Government in its letter also calls for debt relief, but that seems a bridge too far for many government leaders.
Video: Greeks come up with reform proposals
Eurogroup
The request of the Greeks is also sent to the Eurogroup, reports the spokesman of Eurogroup Chairman Dijsselbloem. The working group of the Eurogroup, which usually prepares the meetings of the ministers of the eurozone finance, looks at this request Wednesday yet. It says the spokesman said no telephone consultations on the agenda between the ministers.
The ESM bailout fund was set up in 2012 to combat the debt crisis in the eurozone. There can be deposited in about 80 billion euros, making a lending capacity of 500 billion euros is possible. Netherlands’ contribution is 4.6 billion euros, there’s 35.4 billion callable
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Deadline
It was widely awaited the request, which was actually a day earlier expected. The Greeks thought that the application was still valid, but the euro countries want that a new application is required.
Greece should submit by Thursday with concrete plans to cut spending and to reform. Thursday’s proposals are passed by the lenders (European Union, European Central Bank, International Monetary Fund).
Now it’s Saturday the turn of the Eurogroup finance ministers of the euro countries, the will Plans to bend.
Sunday there is a special European summit with the 28 EU countries which also is dominated by the Greek aid request. At that meeting a decision on the future of the Greeks in Europe
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