Greece Rejects EU Bailout

greece

Greece has rejected the European Union’s (EU) bailout offer, following the collapse of conversation between Greek and EU finance ministers. The bailout offer was considered “absurd” and “unacceptable” by Greece officials. The International Monetary Fund (IMF) and EU stated Greece requested their $240 billion euro ($178 billion USD) bailout restructured, according to new stipulations from their government.

Yanis Varoufakis, Greece’s finance minister, stated there was a substantial disagreement regarding the completion of the current bailout terms. He explained the draft communication he was prepared to sign was revoked at the last minute and changed according to new EU requests. Nonetheless, Varoufakis stated there is time left to come to an agreement on new bailout terms.

EU officials stated there is a possibility of a meeting Friday, though it would be up to officals on both sides. Currently, Greece’s current bailout explires at the end of February. A new agreement would have to be authorized by both the EU and Greek governments.

By: Alex Lemieux

Source:

BBC News

Picture: Υπουργείο Εξωτερικών – Flickr Licence

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