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Greece debt crisis: Eurozone to discuss new bailout

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eu-imf-greece_650x400_61434310901Eurozone ministers are to discuss a Greek request for a new bailout, hours after Athens missed the deadline for a €1.5 billion (£1.1bn, $1.7bn) payment to the International Monetary Fund (IMF).

On Tuesday ("à june), eurozone finance ministers refused to extend the previous bailout following the collapse of talks.

As a result, Greece became the first European Union country to fail to repay an IMF loan and is now in arrears.

There are fears that this could force Greece out of the eurozone.

In one of two crucial meetings on Wednesday afternoon (1 July), officials with the European Central Bank (ECB) will decide whether to grant an emergency loan to Greece.

In the second, eurozone finance ministers will discuss Greece's latest proposal for a third bailout. It would last two years and amount to €29.1bn.

Ministers discuss the proposal in a conference call at 15:30 GMT.

A senior adviser to the Greek government, Elena Panaritis, said they expected a bailout to be agreed on Wednesday.

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