EU ministers refuse to extend Greece’s bailout
Eurozone finance ministers have rejected a request by Greece to extend its bailout program past the June 30 deadline.
Sources told AFP that the European Union ministers “rejected an extension of the aid program” at a Saturday meeting in Brussels, just hours after the Greek side rejected the creditors’ latest offer and instead called for a referendum on July 5 to let the Greek people decide on the matter.
The creditors’ demands included pension reforms, military expenditure cuts and the privatization of regional airports, according to media sources.
Greece’s bailout will expire on Tuesday, which is the same day the country’s debt to the International Monetary Fund (IMF) is due, causing uncertainty about what would happen to Greece’s impaired economy if it fails to pay back its debt.
Greek Finance Minister Yanis Varoufakis described the EU ministers decision as a “sad day for Europe.”
Meanwhile, large numbers of people have lined up at banks in Greece to withdraw their money, fearing the country is on the brink of plunging into deeper economic hardship.
Following Greece’s 2009 economic crisis, a troika of international lenders handed Greece two bailouts, in 2010 and 2012, adding up to a total of EUR 240 billion (USD 272 billion).
International creditors will not give more money to the cash-strapped country if it doesn’t accept the new list of austerity reforms demanded by them.
Athens’ potential failure to repay its debt to the IMF on Tuesday will push Greece closer to being forced out of the eurozone.
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