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23 Apr, 2010 16:11

Greece formally asks for EU’s and IMF’s aid

Greece has formally asked the EU and the International Monetary Fund to activate the debt-rescue plan to help pull its economy out of crisis.

Athens now expects to receive the first tranche of more than the $50 billion aid package by May 19.

However, German Chancellor Angela Merkel says the question of how much aid Athens will receive will be solved only after the talks with IMF are finished.

The request comes after months of markets pushing the Greek borrowing costs higher…. undermining the country's efforts to cut its $400 billion debt.

The conditions under which the funds will be handed over have not yet been revealed. But recent attempts by Athens to impose austerity measures brought on mass strikes and civil protests

Read also – Greece 'Dreams' of Bankruptcy