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Greece Default: Eurozone Finance Ministers Reject Greek Bailout Extension

Eurozone finance ministers have reportedly rejected Greece’s request to extend bailout program beyond June 30.

According to The Wall Street Journal, Greece asked for a one-month extension of its expiring rescue deal.

But the request was swiftly rejected by the rest of the eurozone, three European officials said on June 27.Greece bailout extension rejected

Greek Finance Minister Yanis Varoufakis made the request at a meeting with his eurozone counterparts in Brussels, a day after the government in Athens said it would hold a referendum on its bailout in which it would campaign against the policy overhauls and budget cuts demanded by its creditors.

The finance ministers of the other 18 eurozone countries will meet without Greece later Saturday evening, two European officials said.

Many ministers expressed surprise and disappointment toward Greece’s PM Alexis Tsipras’s decision to call for a referendum in which he would campaign against the budget cuts and policy overhauls demanded by his country’s creditors.

Alexander Stubb, Finland’s finance chief, was one of several ministers who said their negotiations would now focus on how to deal with the consequences of a Greek default.

“Plan B becomes Plan A,” Alexander Stubb told reporters.