Greece cranks up eurozone tensions by rejecting bailout extension

Greece's bailout package has "failed" and the country will not seek an extension when the deal expires at the end of February, according to new prime minister Alex Tsipras.

Speaking last night ahead of a crucial EU summit this Thursday, the Syriza leader did little to justify eurozone policymakers' hopes that he would signal a change of position following a week of meetings with other leaders. Instead, Tsipras said Greece will pursue a new bridge agreement when the terms of the existing bailout package end on 28 February. This agreement would last until June and not "condemn us to further austerity", the prime minister added. The EU has already stated that it does not offer bridge loans. Tsipras and his finance minister Yanis Varoufakis have so far faile...