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USA Today: Greece asks for new bailout — its third — at 11th hour

By Kim Hjelmgaard, Jun. 30, 2015, USA Today

Greece requested a third bailout from the eurozone Tuesday in a last-ditch effort to secure a debt deal before its financial-crisis-era bailout expires and it defaults on a loan from the International Monetary Fund, one of its three international creditors.

The two-year deal, if accepted, would allow Athens a new bailout from the eurozone's European Stability Mechanism, its $560 billion rescue fund. European finance ministers were expected to discuss the proposal in a conference call at 7 p.m. Brussels time (1 p.m. ET).

The last-minute development comes as Greek Finance Minister Yanis Varoufakis said Tuesday that his country would not make a debt payment to the IMF by a midnight deadline, setting the stage for a showdown with its creditors ahead of a national referendum Sunday on its membership of the euro currency.

More: www.usatoday.com