The Greek side has re-submitted a formal request for a loan from the European Stability Mechanism (ESM), according to media reports.

Representatives from the ECB’s bailout mechanism confirmed that they have indeed received such a request.

Terms of the new program have not been disclosed yet, however, according to reports, the program envisions a three-year duration.

The ESM is an emergency bailout fund and was set up for member states of the Eurozone experiencing difficult economic conditions. It provides loans in the framework of a macroeconomic adjustment program.

The Greek plan is expected to be discussed, Wednesday by the Eurgroup via conference call. The letter will then be assessed by the institutions before the Eurgroup starts formal talks on the needs of Greece and the new loan. The conditions and terms associated with financial assistance from the ESM are expected to be much harsher than those tied with Greece’s previous bailout loans through the EFSF.