Greece seeks new EU loan deal in race to avert collapse

By Barbara Lewis and Alastair Macdonald STRASBOURG/BRUSSELS (Reuters) – A race to save Greece from bankruptcy and keep it in the euro gathered pace on Wednesday when Athens formally applied for a three-year loan and European authorities launched an accelerated review of the request. Greek Prime Minister Alexis Tsipras called in a speech to the European Parliament for a fair deal, acknowledging Greece's historic responsibility for its plight, after EU leaders gave him five days to come up with convincing reforms. The government submitted a request to the European Stability Mechanism bailout fund to lend an unspecified amount "to meet Greece's debt obligations and to ensure stability of the financial system".

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