Greece has asked for a new 2-year bailout

tsipras

(REUTERS/Yannis Behrakis) Greek Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis at the parliament in Athens, Greece, on Sunday.

And now Greece has proposed a two-year bailout extension.

According to headlines from Bloomberg and others, Greek Prime Minister Alexis Tsipras has requested a two-year bailout program from the European Stability Mechanism.

The request is to cover all of the country's financial needs over the next two years, including a debt-restructuring plan.

The BBC's Piers Scholfield has a copy of the letter here.

On Tuesday, Greece is slated to miss a €1.6 billion ($1.79 billion) payment to the International Monetary Fund.

The headlines out of Greece are coming fast and furious, and it continues to seem unlikely that Greece will find a resolution to its bailout situation before its Sunday referendum on the issue.

And in just the past few minutes, headlines from Reuters indicate that German Chancellor Angela Merkel said there would be no new developments on Greece on Tuesday.

So there's that.

And for more on Greece, you can read Business Insider's complete coverage here »

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