Greek government rejects bailout extension

FXStreet (Córdoba) – The Greek government has rejected a proposed five-month extension of the country’s bailout accord according to media reports.

The proposal was €15.5 billion bailout money in a five-month extension until the end of November. €8.7 billion from the Eurozone bailout fund, €3.3 billion in SMP (ECB bond profits due to Greece) and €3.5 billion from the IMF.

However, reports suggest that things are going badly while Tsipras accused Greece’s creditors of blackmail earlier today. Greek government is looking for a longer-term deal rather than kicking the can to November.

Greek sources are quoted as saying that the latest proposal is simply unviable. What is important, is that an agreement does not “recycle” the vicious circle of austerity.

There is an Eurogroup meeting scheduled for Saturday 12:00 GMT.

The Greek government has rejected a proposed five-month extension of the country’s bailout accord according to media reports.

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