UPDATE: Greece Requests Bailout Extension to Avert Default - Official Document (GREK) (NBG)
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E-mailGreece requests bailout extension to avert default, according to Bloomberg, citing a document on the matter. Greece wants exclusivity for meeting debt payments.
UPDATE - The loan would be used exclusively to meet debt service for external and internal obligations.
The total external payments mentioned in the letter for the two-year loan period amount to around €29.1 billion.
Additional commentary from the document: Greece requests that its EFSF debt be restructured and reprofiled in the spirit of the proposals to be made by the European Commission in order to ensure that Greece’s debt becomes sustainable and viable over the long term.
Greece also sees being able to tap international capital markets to meet future funding requirements by the end of the loand period.
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