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Greece rejects bailout extension request after Eurogroup meeting deadlock

Xinhua, February 17, 2015 Adjust font size:

Greek officials categorically rejected the prospect of submitting a request for the extension of the current bailout program on Monday after the latest Eurogroup meeting in Brussels over the Greek debt crisis ended in a deadlock.

"All Greeks together say no. We are not blackmailed. We have a popular mandate to take this to the end," Panos Kammenos, Defense Minister and leader of the Right-wing Independent Greeks junior partner in the Left-led ruling coalition said in Athens.

The Radical Left SYRIZA-led government was elected on January 25. It pledged to put an end to austerity and reverse bailout policies implemented since 2010.

The new government proposed last week a bridging agreement to euro zone partners, who insist on more guarantees that the stability and reform program launched five years ago will not be derailed.

Despite the fruitless talks at the latest Eurogroup meeting, Greek Finance Minister Yanis Varoufakis told media in Brussels on Monday that Greece was "ready to reach an honorable agreement."

He underlined that Greece will remain a euro zone member.

Varoufakis confirmed remarks made by Greek government sources in Athens that European partners presented to the Greek side on Monday an "unreasonable and unacceptable" draft that was several steps back from last Thursday's agreement between Prime Minister Alexis Tsipras and Eurogroup President Jeroen Dijsselbloem for the basis of Monday's discussion.

The Eurogroup head said there was still some time for Greece this week to agree to an extension so that another Eurogroup could seal a new contract on Friday.

Any new agreement would need to be approved by national governments so the clock is ticking and without a deal and further financial aid from international lenders Greece could soon run out of money and risk an exit from the euro zone, analysts warned. Enditem