Greece submits last-ditch aid plan, ‘requests extension’ of current programme

The Eurogroup will meet again on Wednesday to consider a Greek request to creditors to extend its current bailout programme ‘for a short period of time’. However the group president warned that conditions would be tough. The request would avert a technical default on the 1.6 billion euro IMF payment due by the end of Tuesday. Greek Finance Minister Yanis Varoufakis has confirmed the installment will not be paid on time. Prime Minister Alexis Tsipras has also submitted a two-year aid proposal calling for parallel debt restructuring. The government released a statement, confirming the plan: “The Greek government proposed today a two-year deal with the ESM (European Stability Mechanism) to fully cover its financial needs and with parallel debt restructuring.” However the Finnish finance minister immediately dismissed the idea of another ‘haircut’ as out of the question. “This would not be for us. That would be for the Eurogroup to consider, as the Eurogroup will have to see if there is something new,” said the European Commission’s chief spokesman Margaritis Schinas. The Eurogroup held an emergency teleconference to discuss Greece’s last-minute effort before agreeing to convene again on Wednesday. In a statement, the government said Greece was still at the negotiating table.