Greece requests eurozone loan extension / Athens submits proposal to Eurogroup, Berlin rejects it / Greece wins four-month bailout extension in eurozone deal

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Series Details 19.02.15
Publication Date 19/02/2015
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On the 19 February 2015 the Greek government requested an extension of the financial assistance, formally known as the Master Financial Assistance Facility Agreement, which was provided by the European Financial Stability Facility (EFSF), in the hope of averting a cash crisis.

Deutsche Welle reported that German Finance Ministry spokesman Martin Jäger responded to the Greek request by saying that this was not 'a proposal that leads to a substantial solution'. However, later Germany's Social Democrat vice chancellor, Sigmar Gabriel, said Greece's loan extension request was a 'starting point for negotiations'.

Greek Prime Minister Alexis Tsipras had extensive telephone conversations with Chancellor Merkel and President Hollande in the evening of the 19 February 2015 to try and reach a compromise acceptable to all countries in the eurozone.

Eurogroup ministers met on 20 February 2015, in a further attempt to hammer out a deal. Discussions took place in the context of the expiry of the existing financial assistance to Greece on 28 February 2015.

A statement from the Eurogroup issued late on the 20 February 2015 stated that Greece and eurozone nations had agreed a deal to extend financial aid. Eurozone finance ministers reached an agreement to extend Greece's financial rescue by four months. Greece had agreed to present an initial list of reform measures by the 23 February 2015.

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