Hope: Greece admits defeat in crisis

"Greece's launch yesterday of procedures for a bail-out by its eurozone partners and the International Monetary Fund marks an acceptance of defeat after a five-month roller-coaster ride on financial markets.

While the government stopped short of asking for the rescue package to be activated immediately, analysts in Athens believe that drawing down the available loans is the only sure way to avert a sovereign default.

"It's the best option for Greece, it shouldn't be afraid to use the mechanism . . . It will facilitate the fiscal and structural adjustment and will make lenders feel more secure," said Yannis Stournaras, head of the Athens economic think-tank IOBE..."