The Greek government has formally requested a third international bailout to help pay its debts, and prevent economic collapse and ejection from the euro.
The European Stability Mechanism, which acts as Europe's financial rescue fund, confirmed Wednesday that Greece has applied for a new bailout package.
Greece has already received two massive bailouts worth roughly 240 billion euros ($265 billion U.S.), but needs more. The latest bailout program ended last week. Greece then missed a big debt payment to the International Monetary Fund, becoming the first developed economy to default to the fund.
The Greek government, headed by Prime Minister Alexis Tsipras, has asked for the new rescue package to run for three years and promised to introduce fresh economic reforms in exchange for the money. It also hinted that it would like some form of debt relief from earlier bailouts.
The European Union is expected to decide Sunday whether to grant another bailout program, once it receives more details about Greece's economic plans.
The IMF recently estimated Greece will need at least 50 billion euros ($55 billion U.S.). But analysts say the figure will be much higher since the IMF analysis was conducted before Greek banks were forced to shut down, wreaking even more havoc on the economy.
