So much for that referendum! Just kidding!
Extraordinary Eurogroup teleconference tonight 19:00 Brussels time to discuss official request of Greek government received this afternoon
— Jeroen Dijsselbloem (@J_Dijsselbloem) June 30, 2015
I don’t see how this can get possibly get done, but the Eurozone has made and art form of extend and pretend, so if anyone could possibly pull it off, this bunch could. Letter embedded at the end of the post.
They are also applying for a third bailout. The Greeks recognize they can’t go it alone. And I don’t see how the government has any credibility after its full-bore effort to secure a “no” vote on the referendum. From the Wall Street Journal:
Greece on Tuesday asked for a new bailout amid a last-minute diplomatic push to seal some kind of agreement before the country’s current rescue deal expires and it defaults on a payment to the International Monetary Fund.
The Greek government submitted a proposal for a two-year agreement with the eurozone bailout fund in order to cover its financing needs and restructure its debt, according to a statement issued by Prime Minister Alexis Tsipras’s office.
Eurozone finance ministers will discuss the Greek request in a conference call Tuesday night, said Jeroen Dijsselbloem, the Dutch finance minister who presides over these talks.
There are big questions over whether the eurozone would consider Greece’s request. While European officials have said that a new aid program would be possible, it would require Mr. Tsipras to accept the policy overhauls and budget cuts he has so far rejected. Many officials also don’t trust Mr. Tsipras and his government to implement these measures.
Note the British understatement:
— Peter Spiegel (@SpiegelPeter) June 30, 2015