24 Apr 2010

Greece formally asks for EU and IMF funds

6:07 am on 24 April 2010

Greece has formally asked for the activation of a $US61 million rescue package by the European Union and International Monetary Fund to help pull the economy out of its crisis.

The BBC reports it had hoped that a promise of EU support, agreed last month, would have been be enough to reassure markets and help its recovery.

But Greece's problems have continued to hit investor confidence in the euro and other European economies.

Earlier this week, Greece revised its 2009 budget deficit, from 12.7% to 13.6% of gross domestic product.