Greek Prime Minister Alexis Tsipras has requested a two-year bailout programme from the European Stability Mechanism — and here is exactly what the government has asked for.
Effectively, the Greek government is hoping to restructure its debt and is begging for a loan to avoid it defaulting today. Greece needs to make a €1.6 billion ($US1.79 billion) payment to the International Monetary Fund by midnight although the country’s Finance Minister Yanis Varoufakis said earlier today that it wouldn’t make the deadline.
Eurogroup president Jeroen Dijsselbloem said in a tweet that the Eurogroup would hold an “extraordinary” conference call at 7 p.m. later today to consider the request.
Meanwhile, the letter has got everyone talking — but not because of its contents.