Greek government requests third bail out

Greek Prime Minister Alexis Tsipras has asked Euro zone authorities for a new third bailout fund since current three year bailout is set to expire today at midnight.

Since no deal was secured, current bailout program is expiring without the full fund being utilized. Still about € 15 billion remains unutilized.

Prime Minister has sent the request to Euro zone's € 500 billion rescue fund today, which would cover Greece's need for next two years.

Next Sunday's referendum might still remain in place but it could on new bailout package.

Euro zone finance ministers are likely to review Greece's request at 7pm Brussels time. Verdict is most likely to be acceptance.

Euro has welcomed the news with a drop as low as 1.11 against dollar, currently trading at 1.114.