Greece has asked for a new 2-year bailout

Alexis TsiprasREUTERS/Francois LenoirGreece’s Prime Minister Alexis Tsipras addresses a news conference after an European Union leaders summit in Brussels February 12, 2015.

And now Greece has proposed a 2-year bailout extension.

According to headlines from Bloomberg and others, Greek prime minister Alexis Tsipras has requested a 2-year bailout program from the European Stability Mechanism.

The request is to cover all of the country’s financial needs over the next 2 years, including a debt restructuring plan.

On Tuesday, Greece is slated to miss a €1.6 billion ($US1.79 billion) payment to the IMF.

The headlines out of Greece are coming fast and furious, and it continues to seem unlikely that Greece will find a resolution to its bailout situation before its July 5 referendum on the issue.

And in just the last few minutes, headlines from Reuters indicate that German chancellor Angela Merkel said there will be no new developments on Greece today.

So there’s that.

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