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UPD: Request for “6-month extension of loan agreement between Greece & EFSF”

Greece sent its request about an extension of the loan agreement on Tuesday morning. Speaking to Skai TV, Labor Minister Panos Skourletis said that “the request refers to extension of the loan agreement” and not of the “current bailout program.”

According to Greek media, the Greek request refers to a “6-month extension”, there no specific conditions posed. It is not know whether the request contains some “commitment” of the Greek side.

UPDATE 12:20 pm

A little light in the confusion… What is the loan agreement for which Greece requests an extension?

“Greece requested an extension of the Master Financial Assistance Facility Agreement” government sources told several media.

The M-FAFA is the official name of the agreement between Greece and the Eurozone.

The loan agreement was signed between Greece and the European Financial Stability Facility (EFSF) and amended 12. December 2012.

Full 68-page text here in pdf

(sources: To Vima, Left.gr)

          UPDATE: 12:30

The EuroWorkingGroup will take up the Greek request at 4 pm today, an extraordinary Eurogroup meeting with physical presence of the Finance Ministers (no tele-conference) is allegedly scheduled for 3 pm tomorrow Friday.

This could be translated into an agreement between Greece & the Eurogroup

UPDATE 12:44

Speaking earlier to To Vima, FinMin Varoufakis said that the extension requested is until 31. August 2015, and that it does not contain “recession measures.”

“There will be a YES or NO at the Eurogroup” on Friday, he added.
UPDATE 2:30 pm
Details on the Greek request you can see here in KTG’s separate post

 

A ‘cheerful’ – if we taking into consideration his avatar – Eurogroup head confirmed the delivery…

Media talk of the possibility of a Eurogroup teleconference on Friday.

Wednesday evening, Finance Minister Yanis Varoufakis had tweeted that tough negotiations were taking place with the country’s lenders through an exchange of e-mails.

So I suppose that the request text was agreed upon before sending….

 

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4 comments

  1. In the Dutch newspaper The Telegraph today it says: Greeks trough their knees!
    The media tries to cover up the truth and tell us a bounch of fairytales (read lies).

    Well, I assume, this headline, looks/sells better to the Dutch public then to admit that the Eurogroup probably will take a step back to agree with the Greek offer.

    P.s. Happy with this site to read about how the actual situation is in reality! 🙂

  2. You are right. Probably the Telegraaf didn’t read the letter of the Greek government. Luckly the German Government did, because the Greek offer is nothing.
    We will see what happens tomorrow.