BRUSSELS (Sputnik) — Eurozone finance ministers at an extraordinary teleconference on Tuesday decided not to extend the Greek bailout program expiring at midnight, a source close to the EU leadership said.
Earlier in the day, Prime Minister Alexis Tsipras proposed a two-year agreement with the European Stability Mechanism (ESM), the crisis resolution fund for Eurozone countries, to cover the country's debt obligations.
"There is no extension [of the program]. Maybe another teleconference [of the Eurogroup] will take place tomorrow, but so far nothing has been scheduled," the source told RIA Novosti.
By midnight on Tuesday, Greece was due to transfer the next $1.7-billion repayment to the International Monetary Fund, before the current aid package expires. However, earlier in the day Finance Minister Yanis Varoufakis said that Greece would not make the IMF payment.
