– Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down (ZeroHedge, June 30, 2015):
Update 3: Merkel keeps pouring it in. Bloomberg reports tthat German Chancellor Angela Merkel says at event in Berlin that offer from Greek government over bailout program “cannot be clearly identified.”
“Greece has decided that the program will expire at midnight tonight. We have made clear today: There are new offers today which cannot be clearly identified, negotiations which we cannot specify. Before the planned referendum will be held, we will not discuss negotiate anything new.”
Update 2: The Greferendum cancellation calls have begun and Greece has now effectively applied for a DIP loan.
- GREECE MUST CANCEL REFERENDUM TO ALLOW PROPOSAL AIRING: GABRIEL
- GABRIEL: GREEK TALKS CAN RESUME QUICKLY IF REFERENDUM KILLED
- GREECE REQUESTS LOAN EXCLUSIVELY FOR MEETING DEBT PAYMENTS: DOC
- GREECE REQUESTS BAILOUT EXTENSION TO AVERT DEFAULT: DOCUMENT
Update: EU finance ministers will reportedly hold a teleconference shortly to decide on Greece’s bid for an ESM loan. “Group of euro-area finance ministers have responsibility to choose whether to approve Greece’s bid for two-year bailout program from European Stability Mechanism,” Bloomberg reports, citing an unnamed EU official.