Greece's Prime Minister, George Papandreaou, has officially asked the International Monetary Fund and its fellow European Union countries to enact a financial rescue package to help the country out of debt.
Papandreaou cited the precarious state of the Greek economy -- compounded by the rising cost of borrowing money to sustain it, and the failure of measures designed to stabilize it -- among the reasons why he decided to formally request the aid, according to The Associated Press.
"It is a national and pressing necessity for us to formally ask our partners for the activation of the support mechanism, which we jointly created in the European Union," he said, speaking from the Aegean Island of Kastelorizo on Friday, according to The AP.
The aid package, which still needs to be approved by the euro zone nations and the I.M.F., could provide up to €45 billion, or $60 million, to the struggling nation, according to The New York Times. The I.M.F. is expected to contribute €12 billion, and euro zone nations could provide up to €30 billion.
Greece's financial woes are expected to be among the major topics at a meeting of the G-20 nations in Washington, D.C. today. Financial leaders will meet at the I.M.F. in Washington, D.C. this afternoon.