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Greek Finance Minister Yanis Varoufakis said Tuesday that his country would not make a debt payment to the International Monetary Fund by a midnight deadline, setting the stage for a showdown with its creditors ahead of an effective national referendum on its membership of the euro currency.
The development comes as Greece proposed a last-minute, two-year deal that would see it get a new bailout from the eurozone's European Stability Mechanism, its $560 billion rescue fund. If accepted, it would be Greece's third rescue package.
European finance ministers were expected to discuss the proposal in a conference call starting at 7 p.m. Brussels time (1 p.m. ET).
Read more http://www.usatoday.com/story/news/world/2015/06/30/greece-eurozone-austerity-referendum/29499441/
The development comes as Greece proposed a last-minute, two-year deal that would see it get a new bailout from the eurozone's European Stability Mechanism, its $560 billion rescue fund. If accepted, it would be Greece's third rescue package.
European finance ministers were expected to discuss the proposal in a conference call starting at 7 p.m. Brussels time (1 p.m. ET).
Read more http://www.usatoday.com/story/news/world/2015/06/30/greece-eurozone-austerity-referendum/29499441/
