Dear Chairperson and Managing Director,
On behalf of the Hellenic Republic (the Republic or Greece), I hereby present a request for
stability support within the meaning of Articles 12 and 16 of the ESM Treaty given the risk to the
financial stability of Greece as a member state and of the euro area as a whole.
Specifically, Greece seeks from the ESM a loan facility (Loan or Programme) with an availability
period for three years in accordance with the conditions provided in Article 13 of the ESM Treaty
and in Article 2 in the Guideline of Loans. The Loan will be used to meet Greeces debt obligations
and to ensure stability of the financial system.
Consistent with the principles of this medium to long term Programme, the Republic is committed to
a comprehensive set of reforms and measures to be implemented in the areas of fiscal
sustainability, financial stability, and long-term economic growth. Within the framework of the
Programme, we propose to immediately implement a set of measures as early as the beginning of
next week including:
Tax reform related measures
Pension related measures
We will also include additional actions that the Republic will undertake to further strengthen and
modernize its economy. The Greek government will on Thursday 9 July at the latest set out in detail
its proposals for a comprehensive and specific reform agenda for assessment by the three
Institutions to be presented to the Euro Group.
In addition to the above, it is the expressed goal by the Greek government that by the end of the
availability period of the Loan or earlier, it regains full and affordable market financing to meet its
future funding requirements as well as sustainable economic and financial situation. As part of
broader discussions to be held, Greece welcomes an opportunity to explore potential measures to
be taken so that its official sector related debt becomes both sustainable and viable over the long
term.
Greece is committed to honor its financial obligations to all of its creditors in a full and timely
manner. We trust Member States appreciate the urgency of our Loan request at this time given the
fragility of our banking system, our shortage of available liquidity, our upcoming obligations, our
buildup of internal arrears, and our expressed desire to clear our outstanding arrears with the IMF
and the Bank of Greece.
We reiterate the Greeces commitment to remain a member of the Eurozone and to respect the
rules and regulations as a member state. We look forward to your favorable and timely
consideration of our request.
For avoidance of doubt, this letter supersedes our previous request letter dated 30
