Greece has formally submitted its request for a six month loan extension on Thursday that will keep the country afloat while it negotiates a new bailout deal with its international creditors.
The proposed loan will buy Prime Minister Alexis Tsipras and his majority left wing government some time to negotiate more growth-friendly program with the ECB and European Union, after it's current rescue deal runs out in a little more than a week.
Greece's possible new loan renews hope that the country will able to secure much-needed financial assistance and avoid crashing out of the euro due to a weak banking system and upcoming repayments to the IMF.
But it's unclear whether Thursday's request signals enough commitment from Athens to stick to agreed reforms.
Finance Ministers from the single currency group will now meet on Friday to discuss Greece's offer, amid remarks from Germany that no loan could be made without conditions.
But Chief Strategist for Belgian-based BNP Paribas bank Philippe Gijsels, says there's been reluctance to bow to Greece's demands due to fears that other countries would follow suit.
IN: "Well in the..."
OUT: "...situation."
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ALT
But Chief Strategist for Belgian-based BNP Paribas bank Philippe Gijsels, that even with the financial turmoil Greece is going through, the markets have remained remarkably calm.
IN: "First of all..."
OUT: "...volatility."
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