Greek Prime Minister Alexis Tsipras attends a debate on Greece at the European Parliament in Strasbourg, France, July 8, 2015. REUTERS/Vincent Kessler
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A race to save Greece from bankruptcy and keep it in the euro gathered pace 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.Speaking hours after eurozone leaders, at an emergency summit in Brussels, set Greece a deadline of the end of the week to come up with far-reaching reform proposals, Tsipras said Greeks had no choice but to demand a way out of "this impasse".European Council President Donald Tusk reiterated that the final deadline for Greece to submit convincing reform plans and start implementing them was this week.Eurozone officials want Greece to rush a first wave of measures through parliament before Sunday to prove its serious intent.Merkel made clear earlier that that she was "not exaggeratedly optimistic" that a deal could be found to save Greece by Sunday.
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