BERLIN: Greece’s government has formally submitted a request for a six-month extension to its loan agreement with the euro zone.
Specifically, Athens has requested an extension to the so-called “Master Financial Assistance Facility Agreement” with the euro zone, the official said.
However, under such an extension the terms under which aid would be disbursed would differ from Athens’ current bailout obligations.
While European officials worked frantically with Athens to find a formula, the European Central Bank on Wednesday agreed to raise emergency funding for Greek banks.
But the amount was enough to cover their needs for only a week if nervous Greeks keep pulling their deposits out at the current rate.
