Greece formally requests activation of EU-IMF safety net

Finance Minister George Papaconstantinou on Friday formally requested activation of the European Union-International Monetary Fund support mechanism to pull Greece out of its severe economic and debt crisis.

Papaconstantinou sent a request letter to the EU Commission, the Eurogroup and the European Central Bank shortly after Prime Minister George Papandreou announced the government's decision to resort to the rescue solution instead of continuing to borrow from international markets.

"It is time that Greece will be supported by European partners and the International Monetary Fund," Papandreou said. "It is a national need to ask for the aid that will help us decisively to build again our boat with strong materials and send a message to international markets that we protect our common currency."

Greece's move came after a higher-than-expected 2009 budget deficit announced by Eurostat and a lowered bank credit rating by international rating agency Moody's.

Source: Xinhua