Greek Prime Minister George Papandreou, declaring that the “moment has come,” formally requested the activation of a $60 billion financial aid package from the European Union and the International Monetary Fund.

It’s seen as a humiliating moment for Greece, and probably the largest multilateral rescue of a country ever attempted. –JCL

Al Jazeera English:

George Papandreou, the Greek prime minister, has asked the European Union and International Monetary Fund (IMF) to activate a financial aid package, designed to help pull the euro zone member out of its debt crisis. The request on Friday followed negotiations with EU and IMF officials over the details of the $60bn emergency rescue package.

Financial data published on Thursday showed a worse-than-expected budget deficit of 13.6 per cent of gross domestic product (GDP). “The moment has come as the market has not given us breathing space,” Papandreou said.

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