Greece pledges to enact reforms next week

In a letter send by Finance Minister Euclid Tsakalotos to chairperson and managing director or the European Stability Mechanism, he said: "Specifically, Greece seeks from the ESM a loan facility (“Loan” or “Programme”) with an availability period for three years in accordance with the conditions provided in Article 13 of the ESM Treaty and in Article 2 in the Guideline of Loans. The Loan will be used to meet Greece’s debt obligations and to ensure stability of the financial system.Consistent with the principles of this medium to long term Programme, the Republic is committed to a comprehensive set of reforms and measures to be implemented in the areas of fiscal sustainability, financial stability, and long-term economic growth. Within the framework of the Programme, we propose to immediately implement a set of measures as early as the beginning of next week including: • Tax reform related measures• Pension related measures."

"We will also include additional actions that the Republic will undertake to further strengthen and modernize its economy. The Greek government will on Thursday 9 July at the latest set out in detail its proposals for a comprehensive and specific reform agenda for assessment by the three Institutions to be presented to the Euro Group," he said.

He said: "We reiterate the Greece’s commitment to remain a member of the Eurozone and to respect the rules and regulations as a member state. We look forward to your favorable and timely consideration of our request."

Greeks delivered a  rebuff to Europe's leaders on Sunday, decisively turning down  a deal offered by the country's creditors.

Reports quoted Greek  Interior Ministry as declaring that with more than 90 percent of the vote tallied, 61 percent of the voters had said no to a deal that would have imposed greater austerity measures on the beleaguered country, facing a prolonged recession, high unemployment and banks being perilously  low on capital.

Greece defaulted on an International Monetary Fund loan repayment last week, becoming the first developed nation to do so.

The voters' 'no' could now take the cash-starved Greece to a new path forcing it to  start issuing its own currency and become the first country to leave the 19-member eurozone, established in 1999.

The no votes gave a sweeping victory to Prime Minister Alexis Tsipras, a leftist who came to power in January vowing to reject new austerity measures.

He called it  an injustice and economically self-defeating.

But  his victory in the referendum settled little, since the creditors' offer is no longer on the table.