World Economy

Greece Needs Loan Extension

Greece Needs Loan ExtensionGreece Needs Loan Extension

Greece is expected to request a six-month extension of its loan agreement on Wednesday, according to reports, BBC said. The loan would not be an extension of the current bailout agreement, which includes strict austerity measures, Greek government officials were quoted as saying. On Monday night, Greece rejected a plan to extend its €240b ($273b) bailout, describing it as “absurd”. Without a deal, Greece is likely to run out of money. It comes as the European Central Bank (ECB) meets later on Wednesday to decide whether to continue providing emergency finance to Greece’s struggling banks.