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Canada Goose online Euro zone mulls extending Greek bailout until mid Canada Goose online

canada goose store ATHENS, Dec 4 (Reuters) Euro zone ministers canada goose clearance sale are uk canada goose considering extending the Greek bailout, due to end this year, by six months to the middle of 2015, to allow Athens canada goose coats more time to comply with the conditions for the Canada Goose Parka disbursement of canada goose store the remaining money, a document showed. canada goose store

canadian goose jacket But extending the programme beyond a few weeks into the new year would complicate Prime Minister Antonis Samaras efforts to secure victory for canada goose black friday sale his preferred candidate in a presidential vote Canada Goose online in February since he has staked his chances on exiting the EU/IMF bailout by the end of the year, when funding Canada Goose Coats On Sale from the EU is due to end. canadian goose jacket

canada goose An extension of the bailout, under which canadian goose jacket Athens will have received a total of 240 billion euros ($300 billion) since 2010, is necessary because international lenders and the Greek government are still negotiating what Athens must do to get the remaining 1.8 billion euros and secure a back up credit line for after the bailout ends and Greece returns to market financing. canada goose

canada goose coats on sale Athens needed to wrap up its bailout review by a meeting on Dec. 8 of euro zone ministers to meet the timeline for exiting its bailout by the end of the year. But the talks have uk canada goose outlet been held up Canada Goose Online by a row over a budget canada goose clearance shortfall next year, and a senior euro zone official on Wednesday said Greece would have Canada Goose Jackets to ask for an extension on its bailout because a credit line to replace the programme will not be ready in time. canada goose coats on sale

buy canada goose jacket cheap this respect, an extension until end Q2 2015 seems appropriate, with the central scenario assuming a staff level agreement before the Eurogroup on 8 December, completion of all the prior actions by mid January, a final disbursement from the EFSF (euro zone bailout fund), and a completion of the Enhanced Conditions Credit Line canada goose uk shop (ECCL) procedures still before the end of January, it said. buy canada goose jacket cheap

Canada Goose Outlet TECHNICAL EXTENSION The document, drawn up by EU officials and obtained by Reuters from a source close to the talks, is expected to form a basis for ministers discussions. Canada Goose Outlet

canada goose clearance A Greek government official said Greece had not submitted a request for an extension. canada goose clearance

buy canada goose jacket An technical extension would also allow the release to Greece of 1.9 billion euros of profits made by the European Central Bank on its purchases of Greek bonds under canada goose coats on sale the Securities Market canada goose uk outlet Programme and the disbursement of another tranche of 3.5 billion euros from the International Monetary Fund bailout for Greece, the document said. buy canada goose jacket

Canada Goose sale this scenario, Canada Goose sale despite a cheap Canada Goose longer availability period of the European Financial Stability Facility (EFSF) funds, the current programme would be immediately followed by a precautionary credit line in a form of an ECCL once all the prior actions are fulfilled and a disbursement cheap canada goose uk is made, thus providing to Greece a financial buffer if needed, it said. Canada Goose sale

Canada Goose Jackets The ECCL would be for one year, and could be renewed twice for six months each time. It would total up to 11.5 billion euros that are left in unused Greek bank recapitalisation funds provided by the canada goose euro zone. Canada Goose Jackets

canada goose clearance sale The document also considers extending the bailout only by three canada goose factory sale months to the end of the first quarter of 2015 and a possibility of an extension until the first quarter of 2016, to match the end of the buy canada goose jacket IMF programme. canada goose clearance sale

canada goose black friday sale a shorter extension carries a risk of being insufficient for completing all the necessary legislative actions, especially in the current political context in Greece, canada goose uk black friday the longer one might be challenging to communicate as a purely technical extension, it said. canada goose Canada Goose Outlet black friday sale

canada goose coats The preferred course of action therefore was that as soon as the lenders and the Greek government reach an agreement, would be launched to ensure a technical extension buy canada goose jacket cheap of the EFSF facility until end Q2 2015 (to be completed before end 2014) and to allow for the conclusion of the ECCL procedures by end January, subject to fulfilment of the prior actions. canada goose coats

Canada Goose Parka The IMF could also switch what remains of its bailout programme for Greece into a precautionary credit line, the document indicated. But for this scenario to happen, Greece and the international lenders Canada Goose Outlet need to reach an agreement on remaining reforms before the next meeting of euro zone finance ministers on 8 December in Brussels, the document said. (Additional reporting by Deepa Babington; Editing by Giles Elgood) Canada Goose Parka.