Breaking: Urgent Eurogroup meeting to vote on new Greek proposal before midnight default deadline

Extraordinary Eurogroup teleconference tonight 19:00 Brussels time to discuss official request of Greek government received this afternoon

— Jeroen Dijsselbloem (@J_Dijsselbloem) June 30, 2015

EU finance ministers will hold a teleconference meeting soon to decide on Greece’s latest proposal which includes an ESM loan.

Rumor has it Angela Merkel and German lawmakers are not hot on the latest Greek initiative to resolve the impasse.

From Alexis Tsipras’ office…

“The government will fight for a viable deal until the end and within the euro. This will be the message of the No vote. We will say No to a bad deal on Sunday. From the first moment we made clear that the decision to conduct a referendum is not the end but a part of the negotiation for better terms. Greece remains at the negotiating table.”

Via Bloomberg…

Prime Minister Alexis Tsipras made the request to the European Stability Mechanism to cover all the country’s financial needs for the next two years, along with a debt-restructuring plan, his office said. Dutch Finance Minister Jeroen Dijsselbloem, who heads the group of euro-region counterparts that had been in negotiations with Greece, said it will be considered later on Tuesday.

On the second day of capital controls that shut the country’s banks, the government said it will continue negotiations seeking a “viable agreement” within the euro area. The proposal didn’t include any of the economic-reform measures European negotiators had sought for months.

Jeroen Djissselbloem, the Dutch head of the Eurogroup of finance ministers, announced he would chair a meeting to discuss the new request later on Tuesday.

Bloomberg cites an unnamed EU official as saying…

“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.”

Via Zerohedge…

With a sovereign default now just hours away, both Greece and Europe may be starting to second guess the decision to open Pandora’s Box with both sides cancelling press events citing “emergency meetings”. The latest headlines have Greece requesting an ESM bailout and pressing for debt restructuring.

• GREECE ASKS FOR 2-YR BAILOUT PROGRAM FROM ESM: PM’S OFFICE
• GREECE ASKS FOR FINANCING, DEBT RESTRUCTURING: PM’S OFFICE
• GREEK GOVT WILL SEEK VIABLE AGREEMENT WITHIN EURO: PM’S OFFICE
• Dijsselbloem Cancels TV Interview Due to Urgent Obligations
• Greek Govt Cancels Press Briefing Citing Emergency Meetings

References:

http://www.zerohedge.com/news/2015-06-30/greece-asks-2-year-bailout-esm

http://www.bloomberg.com/news/articles/2015-06-30/greek-pm-tsipras-asks-european-union-for-a-new-bailout-program