Greece submits last-ditch request for a bailout

by
July 10, 2015

ATHENS — Greece offered to make painful spending cuts and hike taxes Thursday in a final gambit to win one more bailout from Europe before the country descends into bankruptcy.

This debt-laden country is seeking at least 50 billion euros ($55 billion) over the next three years, according to government officials who spoke on the condition of anonymity to discuss the sensitive negotiations. In return, it laid out a blueprint of austerity measures that the officials said total between 12 billion and 13 billion euros ($13 billion to $14 billion) — significantly more than Greece’s previous commitments.

The move brings Greece one step closer to a deal with its European creditors, who plan to make a final decision Sunday about whether to throw this Mediterranean nation a lifeline or watch it slide out of the common euro currency. And after more than five fitful months of negotiations, the bar for reaching an agreement is high.

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