Greece has formally asked for the activation of an EU-IMF financial rescue package to help pull the debt-ridden economy out of its crisis.
BBC News website readers have been giving their reaction to the news.
COMMENTS FROM GREECE
This was inevitable. We should have done this some years ago, it may even be too late. Instead, we preferred to be silent. Each and every Greek knew that this was about to come but kept on behaving with arrogance. Today, we feel embarrassed but we all know there is no one else to blame but ourselves. The days to follow will be hard. We will lose our quality of life up to some point. The biggest fear is that we do not know yet what this will mean for our everyday life.
Grigorios Palianopoulos, Thessaloniki
What our prime minister was saying before the elections, was that there won't be any danger of our country going bankrupt and that he could find the necessary money to lead the country out of the crisis. Now that people voted and elected him, it's already obvious that what he was seeking with his endless promises.
Petros Anwnymoglou, Trikala
I think the PM's decision to activate the EU/IMF rescue package is fully justifiable. The Greek government did not rush into conclusions and took adequate time to tap the markets in order to see and weigh their reaction. The austerity measures taken so far are in the right direction and I believe if implemented properly they will produce results. Now it is the time for Greeks to change their habits and try to fit as much as possible into the Western European ones.
Philip Karayan, Athens
Finally our PM seeks for help from the IMF and the EU countries. This was necessary as previous governments have demonstrated against unpopular but vital reforms. Someone had to push Greece forwards and that will be the IMF and the EU.
Anastadios Manettas, Rhodes
Greece will not overcome its problems until everyone accepts that they have to pay tax. The vast majority of small Greek businesses run at least two sets of books, one for me, one for the taxman. And the man on the Athens tram resists paying tax because all the wealthy people in the country avoid tax. Meanwhile, the bloated public sector, reminiscent of that of East Germany pre-1989 resists the slightest change, aided and abetted by the communists and anarchists. A root and branch reform of the country is necessary but Papandreou is not the man for the job.
Michael Evans, Athens
COMMENTS FROM OTHER COUNTRIES
Greece joined the EU already with massive debts and with debts increasing to the value of 56bn euros per year. Surely this demonstrates that there is something drastically wrong? I await with awe if someone could provide an answer as to how Greece will repay a further 30bn euros at 5% interest on top of what she is already unable to repay. Also can anyone tell us what will happen if Greece defaults on the loans?
Jon Ingle, Halifax, UK
Greece's deficit is mostly due to bad management and paying too many civil servants. It seems obvious that the country is in bankruptcy and that all new money put in is going to be lost. The European plan is absurd. Greece should first be declared bankrupt before there is any international financial help.
Miguel Montanes, Paris, France
It doesn't make much sense to me to go deeper in debt by borrowing to dig yourself out of a hole. This new money has to be paid back too. It's like pouring fuel on a fire to put it out.
Calhar, Rochester, USA