The Greek request to extend its loan agreement, submitted yesterday, has not been too well received by the other 18 Eurogroup members.
Greece promises to respect its financial obligations, and in exchange asks for an extension of 6 months of its loan agreement, while the Eurogroup re-negotiates the Greek bail-out programme to allow for greater flexibility in budget cuts and reforms for the Greek government.
The Greek request was welcomed by the European Commission. Germany however publicly opposes the request, and it was also criticized by Slovakia and Belgium. Other governments – the Netherlands, Finland, Spain and Portugal are mentioned by the European Voice – might be reluctant to accept the request as well.
Today at 3 pm the Eurogroup will meet in Brussels, for the third time this week.
Greece’s bail-out expires at the end of February, and any agreement would have to be approved by several national parliaments, which means that time for a new agreement is running out.