(VOVworld) - Greek finance minister Euclid Tsakalotos wrote in a letter to Christine Lagarde, the managing director of the IMF saying that Greece has formally submitted a request to the International Monetary Fund (IMF) for a new loan facility. 

Greek finance minister Euclid Tsakalotos (Photo:Reuters)

Tsakalotos said Greece was taking new steps to move ahead with talks on the bailout,  which will be worth up to 86 billion euros (USD 94 billion) over three years, after parliament passed two laws enshrining a series of tough reforms demanded by the creditors, including tax rises and a pensions overhaul. Tsakalotos hopes that Greece will take a couple of quarters to deal with its current challenges before bring its economy back to stainable growth. Besides IMF, Tsakalotos said that Greece also ask for support from the European Stability Mechanism (ESM). Representatives of Greece’s creditors will be in Greece to discuss new bailout package.