Greece capitulated to market pressure yesterday and took an important step towards a bailout from its eurozone partners and the International Monetary Fund as it formally sought “consultations” over a €30bn loan package to stave off default.
In a letter to the European Commission, Greece's finance minister, George Papaconstantinou, said Athens wanted to discuss “a multi-year economic policy programme with the Commission, the European Central Bank and the International Monetary Fund”.
The announcement ended weeks of speculation that the IMF will be directly involved in the Greek rescue, during which the fund has held back from commenting for fear of getting ahead of a formal request from Athens.
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