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London, July 8 (ANI): Greece has reportedly submitted the formal request for a new bailout package, asking for a three-year programme from the European Stability Mechanism in a bid to stay in the eurozone.

Finance Minister Euclid Tsakalotos said that Greece, in return, will commit to ‘a comprehensive set of reforms and measures’ to be implemented in the areas of fiscal sustainability, financial stability, and long-term economic growth, reported The Guardian.

Also, Tsakalotos said that the measures will be implemented ‘immediately,’ starting next week.

It will include, measures related to tax reform and pension-two of the ‘red lines’ that have proved to be difficult to tackle in recent months.

The minister also promised to flesh out these proposals with a ‘comprehensive and specific reform agenda,’ which can be assessed by the International Monetary Fund (IMF), European Central Bank (ECB) and European Commission, on Thursday.

While stressing Greece’s commitment to honour its financial obligations to its creditors in a full and timely manner, Tsakalotos said that his country was committed to remaining a member of the Eurozone and respecting its rules and regulations as a member state. (ANI)

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