Greece finally capitulated and appealed to the International Monetary Fund for help today after months of suffocating pressure from the international bond markets.
Its economics ministry formally invited the IMF and the European Union to work on the specifics of a €45bn (£39bn) bailout programme, in the first official recognition that it may not be able to service its mounting debts without outside help.
An IMF team is expected in Athens next week, in a move which may lead to severe austerity measures and public budget cuts.
"Markets have no patience – when they cut you off, they cut you off. It's a matter of trust between the borrower and the lender, and Greece has done things wrongly in the past," an official close to the Greek government said. "If you're weak, the vultures will come to you, it's the law of life."
http://www.guardian.co.uk/business/2010/apr/15/greece-imf-rescue1
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