The extension request has been studied from a legal standpoint and aims for political cooperation, the method for solving major issues at the European level. The request calls for a six-month extension agreement between Greece and its eurozone partners.
According to Reuters, Brussels is planning a Euroworking Group meeting on Thursday and a Eurogroup meeting on Friday.
This is a last-minute attempt to reach an agreement, initiated by the Greek government. The latter has stated that it wants an extension for a “loan agreement” but not for the bailout plan (memorandum) which expires on Feb. 28.
The new radical leftist government, however, has apparently judged over the past two days that it wants to veer away from head-on collision with its eurozone partners. It accepts that the extension must be accompanied by prerequisites, such as a new, interim program, since the ultimate goal is an extension and not a new, long-term loan agreement.
This program, reportedly formulated by the PM, FinMin and their associates, will be based on an official statement presented to Yanis Varoufakis on Monday in Brussels by EU Commissioner Pierre Moscovici.
Athens claims the draft was but was abruptly withdrawn right before the Eurogroup began.