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Eurozone Refuses Bailout Extension to Greece, Debt Crisis Continues

Drew Cordell
by Drew Cordell
10 years ago
·
Posted in Bitcoin Breaking News Brief, News, News teaser, Trending
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amidst the growing debt crisis of Greece, Eurozone finance ministers have rejected a request made by Greece in order to extend the bailout program beyond June 30th. A statement by the Eurogroup said that Greece ceased negotiations over a new deal “unilaterally.” Greece is to pay €1.6bn to the IMF on Tuesday, without additional funding, there are fears that Greece may leave the Euro and face economic collapse.

Also read: Republican Senators Want to Outlaw Online Gambling in the US

Greek Finance Minister Yanis Varoufakis stated that Greece is still trying to secure a bailout deal that could be put to a referendum, stating:

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

The Eurogroup head, Jeroen Disjsselbloem stated that it would be up to the ECB to decide on whether or not to continue emergency liquidity funding to Greece’s banking system. Should the funding discontinue, the Greek’s banking system could collapse.

“The process hasn’t ended – it will never end probably”, said Mr Dijsselbloem. “We will continue to work with Greece. Many things could happen – many scenarios are conceivable.”

He blamed Greece for stifling negotiations and progress on the issue stating:

“They broke off their talks while they were still going on, while there was still time.”

“The only positive caveat I see is that the Greek parliament still has to take a wise position on that, and I hope that may lead to a different political situation.”

It is not certain whether or not Greece will leave the Eurozone. In the history of the Eurozone, nothing like this has ever happened. Though Greece made several concessions at the beginning of the week, creditors say that it isn’t enough.

The referendum called by Alexis Tsipras will be very important to the outcome of the crisis, as will the decision of the European Central Bank.


What do you think about the Greek Financial Crisis? Comment below!

Source: BBC

Images via Pixabay.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Drew Cordell

Drew Cordell

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Drew is an undergraduate student at the University of Texas at Dallas, majoring in Business. He is an active member of the Cryptocurrency community, and enjoys collecting, trading, and writing about various coins. Outside of the digital currency world, Drew tends to spend his time with friends, playing video games, or studying. Feel free to email him with news tips or questions at drewcordell9@gmail.com

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