Reuters: Bailout extension necessary to collect final tranche

The Reuters news agency has cited an unnamed EU official who argued that Greece will have to request an extension of the…

The Reuters news agency has cited an unnamed EU official who argued that Greece will have to request an extension of the bailout program, since the agreement for a new credit line is being delayed.

According to the EU officer time is running out for the Greek government and he stressed that “I’m willing to work on [Christmas Eve] but Parliaments are not around”. He also set the 15th of December as the cut-off date for extending the existing program, so that Greece may receive the remaining loan installment worth 1.8 billion euros.

The officer asserted that Greece would “ideally” submit a request for both the ECCL and the technical extension of the current bailout program, but considers that a staff-level agreement is highly unlikely to be reached by Monday, when a critical Eurogroup is scheduled to take place.

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