ATHENS - Greece's government pledged on Wednesday the immediate implementation of reforms as soon as next week in exchange for further support via the European Stability Mechanism (ESM) to avoid default and Grexit, according to the formal request tabled, a Finance Ministry statement said.

"Greece seeks from the ESM a loan facility with an availability period of three years... The loan will be used to meet Greece's debt obligations and ensure stability of the financial system," read the letter Finance minister Euclid Tsakalotos signed, according to the press release.

"Consistent with the principles of this medium to long term program, the Republic is committed to a comprehensive set of reforms and measures to be implemented in the areas of fiscal sustainability, financial stability and long term economic growth," added the Greek official.

"Within the framework of the program, we propose to immediately implement a set of measures as early as the beginning of next week including tax reform related measures and pension related measures," he stressed.

The Greek minister reiterated the country's commitment to honor its financial obligations to all creditors in a full and timely manner and to remain a member of the euro zone and respect the rules and obligations as a member state.

The request was submitted in the light of the clear ultimatum euro zone leaders issued after a summit in Brussels on Tuesday night that Greece strikes a debt deal with creditors either face the prospect of a decision for Grexit during an EU summit next Sunday.