Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


                  Greece Asks EU for 6-month Bailout Extension

   by VOA News

   Greece formally asked its European creditors on Thursday for a
   six-month extension of the debt-ridden country's bailout package,
   according to a eurozone official.

   Jeroen Dijsselbloem, who heads the eurogroup of finance ministers, said
   on his Twitter account he "received [the] Greek request for [a] six
   months extension," but provided no further details on the request.

   Speaking anonymously, EU officials later said that eurozone finance
   ministers would meet Friday to discuss the extension request.

   On Wednesday, Greek Fiance Minister Yanis Varoufakis said he is
   optimistic Greece will receive the extension and avoid possible
   bankruptcy.

   "Our proposition will be written in such a way that it will cover both
   the demands of the Greek side and the head of the eurogroup,"
   Varoufakis said. "We are on the right path. I am optimistic it will end
   well tomorrow (Thursday) or the next day."

   Greece has until the end of the month to pay back its European lenders
   or negotiate a new deal. Failure could mean default and exit from the
   eurozone.

   The country's new left-wing government has argued the austerity
   measures required under the bailout are harming Greece's citizens and
   preventing the economy from growing.

   German Finance Minister Wolfgang Schaeuble said the bailout would not
   be extended unless Greece carries out promised economic reforms.

   Greece's new leftist prime minister Alexis Tsipras campaigned on
   promises of renegotiating the $270 billion bailout package. He said the
   terms agreed to by the former center-right government has made life
   difficult for many Greeks.

   U.S. Treasury Secretary Jacob Lew spoke to Varoufakis by telephone
   Wednesday, urging him to work for a compromise.

   The Treasury Department said Lew told his Greek colleague that "failure
   to reach an agreement would lead to immediate hardship in Greece, that
   the uncertainty is not good for Europe, and that time is of the
   essence."

   Greece was especially hard hit by the 2008 global economic crisis,
   needing a huge bailout from the European Union and International
   Monetary Fund to avoid an economic meltdown.
     __________________________________________________________________

   [1]http://www.voanews.com/content/greece-asks-eu-for-6-month-bailout-ex
   tension/2650103.html

References

   1. http://www.voanews.com/content/greece-asks-eu-for-6-month-bailout-extension/2650103.html