Greece Seeks Three-Year Loan, Pledges to Enact Reforms

Greece promised to implement pension and tax reforms as early as next week as the first step to securing a three-year rescue loan to cover debt obligations, according to a letter requesting the funding from European partners on Wednesday.

In the letter sent to the European bailout fund released by the government, Greece also pledges to honor its financial obligations and detail by Thursday reforms proposals for evaluation by the creditors.

"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," the letter from the Greek finance minister said.

Athens also said it welcomed an "opportunity to explore potential measures" to make its debt sustainable, as part of broader discussions to be held.

(Reporting by Deepa Babington; Editing by Matt Robinson)