Greece submitted a request to the European Union for aid on Wednesday, and must present detailed new economic reform proposals to justify fresh lending by international creditors by Thursday.

Greece submitted the request for a three-year loan from the European Stability Mechanism — an EU agency that provides loans — on Wednesday morning.

USA TODAY

EU to Greece: Make deal by Sunday or face bankruptcy

The letter sent by new Greek Finance Minister Euclid Tsakalotos to the head of the ESM, published by Reuters, said the country proposes to implement measures including tax reform-related measures, and pension-related measures as early as the beginning of next week.

"Greece is committed to honor its financial obligations to all of its creditors in a full and timely manner," the letter said. "We trust Member States appreciate the urgency of our Loan request at this time given the fragility of our banking system, our shortage of available liquidity, our upcoming obligations, our buildup of internal arrears, and our expressed desire to clear our outstanding arrears with the IMF and the Bank of Greece."

Greek Prime Minister Alexis Tsipras told members of the European Parliament in Strasbourg in France that Greece will submit "credible reform" proposals on Thursday. "We need to ensure the medium-term funding of our country with a development and growth program," he added.

Addressing Tsipras, Guy Verhofstadt, leader of the European Parliament's liberal fraction, said: "You are talking about reforms, but we never see concrete proposals of reforms." He said the only possible way to avoid a "Grexit" is if Tsipras "comes forward in the coming days, in the coming 48 hours, with a credible reform package."

On Tuesday, European leaders told Greece to reach a new bailout agreement with its creditors by Sunday or face bankruptcy and expulsion from the euro currency system.

Greece's Ministry of Economy, Infrastructures, Maritime Affairs and Tourism on Wednesday reassured Greeks and tourists "that there are adequate food supplies in the market and that their prices remain stable," the BBC reported.

Investors in Asia reacted earlier to both a sell-off in mainland Chinese shares, and Greece's uncertain financial future.

Japan's Nikkei 225 index lost 3.1% to close at 19,737.64, Hong Kong's Hang Seng index, rocked by the Chinese sell-off, plunged 8% before closing at 5.8%. The Shanghai Composite sank 5.9%.

China's government on Wednesday told state-owned companies to buy shares, raised the amount of equities insurance companies can hold and promised more credit to finance trading in an effort to halt the country's stock market slide, the AP reported. The Shanghai Composite has fallen by more than 30% since early June

U.S. stocks dropped sharply at the open, with the Dow dropping about 130 points on the global turmoil.

Leaders of the 19 country eurozone — who use the euro currency — gave Greece until Thursday to submit new economic reform proposals after the country failed to provide a detailed written proposal at an emergency meeting Tuesday.

European shares rose on the news of Greece's letter. Germany's DAX rose 0.8%, France's CAC 40 gained 1% and Britain's FTSE 100 rose 1%.

The euro rose 0.1% to $1.1.

Leaders from all 28 European Union member states will meet again Sunday to make a final decision on whether to approve another bailout.

"The stark reality is that we have only four days left to find ultimate agreement," European Council President Donald Tusk said in a statement. " Until now, I have avoided talking about deadlines. But I have to say loud and clear that the final deadline ends this week. All of us are responsible for the crisis and all of us have a responsibility to resolve it."

On Sunday, Greek voters rejected a previous bailout proposal by creditors the European Central Bank, International Monetary Fund and the European Commission in a referendum.

Banks in Greece have been closed for over a week, with strict limits on daily ATM withdrawals. They will stay shut on Wednesday amid fears the banking system may soon run out of cash.

The country failed to make a $1.8 billion debt payment by June 30 and is due to make another $3.9 billion payment by July 20.