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1st LD: Greek government tables loan extension request to Euro Working Group

Xinhua, February 19, 2015 Adjust font size:

Greece submitted on Thursday a request to the Euro Working Group for a six-month extension of the four-year bailout loan agreement, Greek Minister of State Nikos Pappas said.

"Efforts have been made so that the outcome will be positive to the benefit of all," Pappas told a local radio station in Athens on the content of the request which came after marathon talks between the new government and European partners in recent days.

The request could open the way to exit the current impasse at a new euro group meeting or teleconference on Friday and lead to a bridging deal between the two sides.

If the request is approved, Athens will keep receiving vital financial aid from the euro zone after the end of the current bailout on Feb. 28, until it renegotiates with partners post bailout cooperation in autumn.

The newly elected Left-wing government had rejected the bailout and its painful austerity clauses and asked for a fresh debt relief.

Euro zone creditors on the other side requested Athens to respect commitments and stick to the fiscal adjustment and reform path.

Without a deal and further aid by international lenders, Greece faces the risk of a cash crunch, default and exit from the euro zone. Endi