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Greece Said to Request Three-Year Bailout Program (GREK) (NBG)

July 8, 2015 6:43 AM EDT

(Updated - July 8, 2015 6:50 AM EDT)

Greece said to request three-year bailout program, according to the WSJ, citing an official document on the matter.

UPDATE - Other items mentioned today include:

  • Previous Greek ESM request had been for two years
  • Greece said it will promise to implement pension and tax reform measures at the beginning of next week, according to the document
  • Greece said it welcomes the 'opportunity to explore measures to make official-sector debt sustainable, which was also mentioned in the document

Today's news comes as Greek prime minister Alexis Tsipras will make more solidified propsals this week to international creditors following the referendum last Sunday.

Tsipras' proposals will include genuine dialogue on restructuring Greece's debt, which the official deemed necessary for Greece to get itself back into top fiscal shape.

Speaking in front of a full European Parliament, Tsipras said that he has to put on the table an agenda for growth.

The PM said today that Greece has no "secret plan" for an exit of the euro and the country needs a sustainable deal said as to repay loans.

Also today, Tsipras said he is looking for European support to help reform Greece and noted that Europe showed solidarity when writing off German debt.

Tsipras said Greece will submit specific reform proposals on Thursday.

The euro is up 0.2 percent to $1.101 on Wednesday morning.



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