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Tuesday, June 30, 2015

Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down


Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down

Tyler Durden's picture
Submitted by Tyler Durden on 06/30/2015 10:10 -0400

 
Update 2: The Greferendum cancellation calls have begun
  • GREECE MUST CANCEL REFERENDUM TO ALLOW PROPOSAL AIRING: GABRIEL
  • GABRIEL: GREEK TALKS CAN RESUME QUICKLY IF REFERENDUM KILLED
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.
Here's the statement from 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.”
But once again, German lawmakers aren't having it, as the headline hockey heats up:
  • CAN'T TAKE UP GREEK AID BID NOW, GERMAN CDU OFFICIAL SAYS
  • MUST WAIT FOR RESULT OF GREEK REFERENDUM, CDU OFFICIAL SAYS
and the result: EURUSD plunge (which is odd because everyone said that Europe x Greece would be much stronger, right?)

Earlier:
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
More, from Bloomberg:
Greek govt submitted request to European Stability Mechanism today for a two-year agreement, which will fully cover country’s financing needs and includes debt restructuring at the same time, according to an e-mailed statement from the PM’s office.

Greek govt will strive for a sustainable agreement within euro area; that will be the message of a No vote to a bad deal in Sunday’s referendum Referendum isn’t the end of negotiations, but the beginning of talks under better terms for the Greek people; Greece remains at the negotiating table
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