The Greek government has formally requested a third bailout to help pay its debts and bring its economy back from the brink.
The European Stability Mechanism, which acts as Europe’s financial rescue fund, confirmed Wednesday that Greece applied for a new bailout package.
Greece has now received two massive bailouts worth roughly 240 billion euros, but they weren’t enough. The latest bailout program ended last week and the Greek government immediately defaulted on an important debt payment to the International Monetary Fun.
Details about the request are not expected until later this week. The European Union is expected to decide Sunday whether to move ahead with a fresh bailout program.
