Greece formally asks euro zone for a six-month loan extension

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Greece had been given until the end of the week to strike a new deal with its international creditors over its current rescue agreement, which expires on February 28.

 

Without a deal, Greece faces running out of cash and a possible “Grexit” (Greece leaving the euro currency).

Its newly-elected Syriza government won power on a pledge to renegotiate the bailout deal, which imposes strict austerity measures on Greece, but two rounds of talks between Greece and euro zone finance ministers have ended in stalement.

Greece has instead proposed extending its loan agreement, which reportedly does not carry the same terms as an extension of the full bailout would entail.

Greece formally submitted the request for the six-month delay on Thursday morning, Reuters reported citing a government official.

Specifically, Athens has requested an extension to the so-called “Master Financial Assistance Facility Agreement” with the euro zone, the news agency said.

Senior euro zone officials were due to hold a teleconference later on Thursday to discuss the Greek application, Reuters said.

If they are satisfied, then Eurogroup finance ministers will hold a conference call on Friday to conclude an agreement, it added.

Source Article from http://www.standard.co.uk/business/business-news/greece-formally-asks-euro-zone-for-a-sixmonth-loan-extension-10055897.html

February 19, 2015 |
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