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Published on July 13th, 2015 | by Key Reads

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Eurozone’s Finance Ministers Meet Ahead Of Greece’s Bailout Expiry

Several finance ministers from Eurozone countries were set to meet on Wednesday in a bid to deliberate on any possible ways to help Greece ahead of the bailout expiry that has not seen any deal for the country to repay its debt procured. This situation has put Greece’s stay in the Eurozone in limbo. In recent days, Greece has rocked news across the world for a wrong reason. Greece has failed to repay 1.6 billion euros which the country borrowed from the International Monetary Fund.

On Tuesday, Eurozone’s finance ministers said that they do not see any possibility of the extension after the expiry of the bailout. The ministers, however, agreed to conduct a teleconference early Wednesday. Jereon Dijsselbloem, the head of Eurozone’s finance ministers said, “It could be crazy to extend the program. So that cannot happen and will not happen.” This has happened at a time Greece authorities are struggling with the possible plea of the third bailout something that does not seem to be possible, according to the European bloc’s finance ministers. Throughout the week, banks in Greece have remained closed and the stock market has terribly dwindled. More than 1000 bank branches throughout the country experienced long cues on Wednesday as ordered by the government in order for the pensioners without electronic cards to receive their cash. The elderly living in Greece have been the most affected by this situation since they depend on the meager pension to buy their medications and basic necessities. If nothing is done to resolve the current situation, many sectors in the country will be adversely affected.

The international bailout expiry comes amid tension over the weekend that saw Greece’s PM Alexis Tsipras announce that he would forward a proposal deal by the country’s creditors that will enable them conduct a referendum and urged them to vote “No.” The move has increased fears that the country is on its way out of the European currency bloc. Because of this, several Greeks flocked local banks to withdraw their savings. However, the government was swift to impose strict rules regulating cash transactions for about seven days. Some of the restrictions that the government imposed require that no one should withdraw more than 60 euros in any single day. There were also sanctions for sending money abroad. Those wishing to do international payments will be needed to have special permission before they do so.

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