Eurogroup refuses to extend bailout program to Greece

http://rt.com/business/270742-greece-new-bailout-default/
The Eurogroup has refused to extend the bailout program to Greece, rejecting PM Alexis Tsipras’ latest request for a new bailout, Finnish Finance Minister Alexander Stubb said at Tuesday’s teleconference.
The Eurogroup rejected two of the three terms proposed by the Greek prime minister Alexis Tsipras, Stubb added.
A third request, for a credit from the ESM, could be considered separately from the emergency procedures currently being used, he said in a tweet.
"Eurogroup ends. Letter of Tsipras includes three requests. Extension of programme or haircut not possible," Stubb tweeted. "Request for ESM-programme is always dealt with through normal procedures."
The Greek government on Tuesday asked for a new bailout program from the European Stability Mechanism (ESM), that would cover all the country’s financial needs for the next two years, according to the government statement.
The request included a restructuring plan for Greek debt to the European Financial Stability Facility that accounts for about 63 percent of the Greece's total debt.