Alexis Tsipras

REUTERS/Yves Herman

Greek Prime Minister Alexis Tsipras.

Greek Prime Minister Alexis Tsipras has requested a two-year bailout programme from the European Stability Mechanism – and here is exactly what the government has asked for.

Effectively, the Greek government is hoping to restructure its debt and is begging for a loan to avoid it defaulting today. Greece needs to make a €1.6 billion ($ 1.79 billion) payment to the International Monetary Fund by midnight although the country’s Finance Minister Yanis Varoufakis said earlier today that it wouldn’t make the deadline.

In the letter, which was first obtained by Politico, Tsipras asked for another loan but didn’t even specify how much that would be. 

Eurogroup president Jeroen Dijsselbloem said in a tweet that the Eurogroup would hold an “extraordinary” conference call at 7 p.m. later today to consider the request.

Meanwhile, the letter has got everyone talking – but not because of its contents.

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