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Greece submits loan extension request to eurozone

Greece has submitted a loan extension request to the eurozone on February 19 after weeks of wrangling over its international bailout.

The country is seeking a six-month assistance package, rather than a renewal of the existing deal which comes with tough austerity conditions.

Details of the request have not been made public, but any deal is likely to differ from the current bailout conditions set by the eurozone.

Eurozone finance ministers will meet in Brussels on February 20 to discuss the move.Greece loan extension request

The Greek request includes a pledge to maintain “fiscal balance” for a six-month period, while it negotiates with eurozone partners over long-term growth and debt reduction, Reuters has reported.

The government was also reported as saying that its extension proposal was in order to give Athens enough time, without the threat of “blackmail and time deficits”, to draw up a new agreement with Europe for growth over the next four years.

Greece faces running out of money by the end of the month without a deal.

The loan request follows days of negotiations between eurozone finance ministers and Greek government’s anti-austerity Syriza party.

It will now be reviewed by the eurozone leaders, as well as representatives of the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Commission.

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Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.