Pages

Wednesday, July 8, 2015

Greece's request for a three-year loan facility to the ESM

(Reuters) - Greece on Thursday submitted a formal request for a three-year loan from the European rescue fund, the European Stability Mechanism (ESM). Below is the letter sent by the country's finance minister Euclid Tsakalotos to the head of the ESM: "8 July 2015 Dear Chairperson and Managing Director, On behalf of the Hellenic Republic ("the Republic" or "Greece"), I hereby present a request for stability support within the meaning of Articles 12 and 16 of the ESM Treaty given the risk to the financial stability of Greece as a member state and of the euro area as a whole. Specifically, Greece seeks from the ESM a loan facility ("Loan" or "Programme") with an availability period for three years in accordance with the conditions provided in Article 13 of the ESM Treaty and in Article 2 in the Guideline of Loans.


READ THE ORIGINAL POST AT uk.news.yahoo.com