Greek bailout crisis unresolved; talks continue

Written by on July 1, 2015 in Europe - Comments Off on Greek bailout crisis unresolved; talks continue

The Greek bailout crisis remains unresolved, with European finance chiefs saying they would continue to examine Athens’ last-minute debt relief proposal on Wednesday.

The eurozone’s 19 finance ministers discussed the Greek plan for a two-year loan deal in an emergency phone conference Tuesday night, just hours before the country’s massive bailout program expired at midnight. But several officials said no agreement was reached and the finance chiefs said they would hold a new teleconference Wednesday morning.

Athens made the offer even as it failed to make a $1.8 billion loan payment that it owed the International Monetary Fund on Tuesday.

Details of the new offer were sketchy, but the office of Prime Minister Alexis Tsipras said the government is proposing a deal that would “fully cover” the country’s financial needs “with the simultaneous restructuring of debt.”

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(Photo: Pedro Moura Pinheiro/flickr.com)

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