Greece bailout: Time is running out to avoid ‘catastrophic’ Greek exit from euro, warns EU

Eurozone finance ministers and officials have warned that time was running out to avoid a “catastrophic” Greek exit from the single currency, as they awaited a new proposal from Athens aimed at keeping Greece afloat beyond the end of this month.

The finance ministers have given Greece until Friday to request an extension to their €240bn (£176bn) bailout programme, or the last tranche of money will be withheld and Greece will not be able to pay debts in the coming months. A spokesperson for Greek Prime Minister Alexis Tsipras has instead said they will ask for an extension to their “loan agreement” on Thursday.

Germany’s finance minister, Wolfgang Schäuble, seemed sceptical that the new proposal would require Greece to honour its existing financial commitments. “It’s not about extending a credit programme but about whether this bailout programme will be fulfilled, yes or no,” he said.

Full article: Greece bailout: Time is running out to avoid ‘catastrophic’ Greek exit from euro, warns EU (The Independent)

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