The Greek government just laid down its plans for another bailout to its European creditors.
According to the Wall Street Journal, Greece is asking for a 3-year bailout from the European Stability Mechanism (ESM), more often known as Europe’s bailout fund.
A document seen by the WSJ reportedly contains promises “implement tax reforms and pension changes as early as next week.”
We’re yet to hear further details of Prime Minister Alexis Tsipras’ proposal, which comes after his resounding win in Sunday’s referendum, with more than 60% of Greek voters rejecting the existing bailout deal on the table.
Athens is brushing up against what could be an extremely painful deadline: The country owes €3.5 billion ($US3.85 billion, £2.50 billion) to the European Central Bank of July 20. The ECB is in charge of providing emergency support for the Greek financial system, and its banks are running extremely short of physical cash.