Greece seeks 3-year rescue program

Associated Press

ATHENS, Greece

With a deadline just hours away to come up with a detailed economic reform plan, Greece requested a new three-year rescue from its European partners Wednesday as signs grew its economy was sliding toward free-fall without an urgently needed bailout.

As its banking system teetered near the edge, the government extended bank closures into next week, while international creditors were in open disagreement over whether to award the country debt relief – with Germany at odds with the International Monetary Fund.

Without a deal, Greece faces an almost inevitable collapse of the banking system, which would be the first step for the country to fall out of the euro.

As today’s deadline loomed, the government sought to reassure its European creditors that it would enact tax and pension reforms quickly in exchange for loans from Europe’s bailout fund, the European Stability Mechanism.

In a formal request that was filled with vague promises but short on details, the Greek government pledged to “immediately implement a set of measures as early as the beginning of next week” — but did not specify what these were.