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Greek bailout extension refused

June 27, 2015 6:25 pm

Eurozone finance ministers have rejected a Greek request to extend a bailout programme beyond 30 June.

A Eurogroup statement said Greece had broken off negotiations over a new bailout deal “unilaterally”.

Late on Friday, Greek PM Alexis Tsipras called a surprise referendum for 5 July over the terms of any new deal.

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Greece has to pay €1.6bn (£1.1bn) to the IMF on Tuesday. Without new funds, there are fears Greece may leave the euro and its economy may collapse.

Greek Finance Minister Yanis Varoufakis said Greece would still try to secure a bailout deal that could then be put to a referendum.

“In these crucial moments, the Greek government is fighting for there to be a last-minute deal by Tuesday,” he said.

The Greek parliament is due to vote later on whether to ratify the referendum.

Eurogroup head Jeroen Dijsselbloem said it would be up to the European Central Bank (ECB) to decide whether to continue providing emergency liquidity funding to the Greek banking system.

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