Multi-speed Europe

BBC News looks at how Greece could change its currency, if it decides to leave the eurozone. Dougal Shaw decided to go back to basics. In the search for a helpful image, he decided to use a kebab to explain the practicalities of a country having to leave the single European currency.

Finnish Finance Minister Antti Rinne said in a live-streamed interview that he saw "a ray of hope" that an understanding can be reached between eurozone creditors and Greece on Friday.

Eurozone finance ministers will hold a special meeting Friday to decide on a Greek request for a six-month loan extension.

"It is confirmed. The meeting will take place at the usual time,» 1400 GMT, a European Union spokeswoman said after Athens sent a formal letter asking for an extension.

[AFP]

By Yiannis Papadoyiannis

Wednesday?s meeting of the European Central Bank?s board is not expected to bring any nasty surprises for Greece in regard to the expected renewal of liquidity to Greek lenders via the Emergency Liquidity Assistance (ELA) mechanism of the Bank of Greece.

Brussels - According to sources close to the discussions between Greece and the eurozone, the Greek government will submit a request to its lender on Wednesday for its loan agreement to be extended.

German Finance Minister Wolfgang Schaeuble stated after the conclusion of the Ecofin meeting that Greece must decide whether it wants an extension of a bailout program or not.

"Greece does not seem to know what it wants", he underlined. "We have always said that implementation of any program should be supervised by three institutions, whatever they are called."

Greece "will not accept ultimatums" in last-ditch EU talks over the future of its reforms and cash support, a government source said Tuesday.

"The Greek government will not accept ultimatums. It is determined to honour its public mandate and the history of democracy in Europe," the source said as EU finance ministers were to meet again to discuss the Greek crisis.

The eurozone's top official has effectively given Greece an ultimatum to request an extension to the country's bailout program.

Greece has resisted an extension of the current program, which it wants scrapped, and has instead asked for a "bridging program" to support its finances.

VIENNA - Austrian Finance Minister Hans Joerg Schelling took a hard line with Greece before debt talks with eurozone peers on Monday, saying Athens could not simply expect to get six months more time to work out a new rescue plan.

French Finance Minister Michel Sapin said on Monday that Germany's firm position on talks about Greece's debt position was the right one but that the change of government in Greece also needed to be recognised.