Greece Crisis: Will Eurozone validate the loan extension?

Greece crisis has forced Eurozone finance ministers to hold a third meeting this Friday in Brussels to resolve Greece’s bailout negotiations

Greece’s loan extension request is highly debatable among the Eurozone community.

The country wishes that the Eurozone accepts its six-month loan programme extension instead of investigating its bailout deal.

However, Germany has already opposed to this request, suggesting that it cannot be considered as a potential solution for the crisis.

The existing Greek bailout deal is to expire by the end of the month, highlighting that Greece might be soon run out of money without a new record.

On Thursday, Greek Prime minister, Mr. Tsipras contacted German Chancellor Angela Merkel by telephone and were geared to finding the most beneficial solution for both Greece and the Eurozone.

The Greek government wants to discard the current bailout deal to avoid the spending cuts and other austerity measures that come with it.

Nevertheless, Germany and other members of the Eurozone do not want to show signs of weakness and want Greece to accept an extension from the current deal.

The US urged all parties in the Eurozone to find a compromise about the loan extension.

According to the Germany’s EU commissioner, Guenther Oettinger, a deal is possible between Greece and its Eurozone investors,however,it might take a longer time than expected.

Greece’s fate decision lies in the hands of the Eurozone policymakers.

Priscilla Camryn By: Priscilla Camryn