ESM confirms receiving formal aid request from Greece

The European Stability Mechanism (ESM) have received a formal request for bailout aid from Greece to avoid Grexit, a media report said.

The request has asked for a three-year loan from the bailout fund, Xinhua quoted a spokesperson of ESM as saying on Wednesday, but the anonymous official declined to mention the amount.

The Greek finance ministry on Wednesday said in a statement that Greece's government pledged the immediate implementation of reforms on the formal proposal tabled.

"Greece seeks from the ESM a loan facility with an availability period of three years ... The loan will be used to meet Greece's debt obligations and ensure stability of the financial system," read the letter signed by Finance Minister Euclid Tsakalotos.

"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 and pension-related measures," added the Greek official.

The Greek minister reiterated the country's commitment to honour its financial obligations to all creditors in a full and timely manner, and to remain a member of the Eurozone and respect the rules and obligations as a member state.

Eurogroup Head Jeroen Dijsselbloem urged Greece to sent a request letter on Wednesday morning to ESM after Tuesday's meeting of Eurozone finance ministers, saying it is the first step to restart negotiation.