Europe rejects Greek bailout extension

Greece hurtled towards default and a possible euro exit Saturday after Europe responded to the leftist government's announcement of a surprise referendum by refusing to extend Athens's desperately needed bailout, reports AFP from Brussels.
The most dramatic day in the five-month crisis saw long lines of people queueing at cash machines in Greece after the announcement by radical Prime Minister Alexis Tsipras, amid fears of a bank run and possible capital controls.
In Brussels, Greek Finance Minister Yanis Varoufakis had asked eurozone colleagues to stretch the aid plan for a few days past its June 30 expiry date and until after the July 5 referendum vote on a creditor reform plan, but they unanimously rejected his appeal.
The move leaves debt-laden Athens struggling to meet a crucial 1.5 billion euro IMF debt payment on Tuesday, putting Greece's place in the single currency at risk and threatening the entire post-war European project.
"The Greek government has broken off the process, has rejected the reform proposal and is now putting the question in a negative way to the Greek people, which is an unfair way of putting the question," Eurogroup president Jeroen Dijsselbloem told a press conference.
"Given that situation, I think we might conclude that however regretful, the programme will expire Tuesday night," the Dutch minister said.

Europe rejects Greek bailout extension

Greece hurtled towards default and a possible euro exit Saturday after Europe responded to the leftist governments announcement of a surprise referendum by refusing to extend Athenss desperately needed bailout, reports AFP from Brussels. The most dramatic day in the five-month crisis saw long lines of people queueing at cash machines in Greece after the announcement by radical Prime Minister Alexis Tsipras, amid fears of a bank run and possible capital controls. In Brussels, Greek Finance Minister Yanis Varoufakis had asked eurozone colleagues to stretch the aid plan for a few days past its June 30 expiry date and until after the July 5 referendum vote on a creditor reform plan, but they unanimously rejected his appeal. The move leaves debt-laden Athens struggling to meet a crucial 1.5 billion euro IMF debt payment on Tuesday, putting Greeces place in the single currency at risk and threatening the entire post-war European project. The Greek government has broken off the process, has rejected the reform proposal and is now putting the question in a negative way to the Greek people, which is an unfair way of putting the question, Eurogroup president Jeroen Dijsselbloem told a press conference. Given that situation, I think we might conclude that however regretful, the programme will expire Tuesday night, the Dutch minister said.