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The Greek authorities have requested an extension of the Master Financial Assistance Facility Agreement for a period of 6 months. During this period, they will try to make the most of the flexibility of this agreement aiming at its successful completion and revision, taking into account the Greek proposals on the one hand and those of the lenders on the other, reads the draft letter regarding the application for an extension of the agreement, dated 18 February and signed by Minister of Finance Yanis Varoufakis.

In the letter, the government is committed to proceed to broader and deeper reforms, achieve financial stability and debt sustainability and to work to enhance social fairness. The government will try to mitigate the social costs of the crisis, without using the expression "humanitarian crisis" in the document.

According to the content of the letter, Greece will meet its financial obligations to all lenders. The government's intention is to cooperate with the partners, recognising the basic agreement with the lenders for binding in terms of its financial and procedural content.

According to the letter of the Minister of Finance, Greece is applying for a six-month extension of the agreement for the following seven reasons:

1. To agree the mutually acceptable financial and administrative terms the implementation of which, in cooperation with the institutions, will stabilise Greece’s fiscal position, attain appropriate primary surpluses, guarantee debt stability and assist in the attainment of fiscal targets for 2015 that take into account the present economic situation.
2. To ensure, working closely with our European and international partners, that any new measures be fully funded while refraining from unilateral action that would undermine the fiscal targets, economic recovery and financial stability.
3. To allow the European Central Bank to re-introduce the waiver in accordance with its procedures and regulations.
4. To extend the availability of the EFFS bonds held by the HFSF for the duration of the Agreement.
5. To commence work between the technical teams on a possible new Contract for Recovery and Growth that the Greek authorities envisage between Greece, Europe and the International Monetary Fund which could follow the current Agreement.
6. To agree on supervision under the EU and ECB framework and, in the same spirit, with the International Monetary Fund for the duration of extended Agreement.
7. To discuss means of enacting the November 2012 Eurogroup decision regarding possible further debt measures and assistance for implementation after the completion of the extended Agreement and as part of the follow-up Contract.

A spokesman for President of the European Commission Jean-Claude Juncker called the Greek request for a six-month extension of the Master Financial Assistance Facility Agreement a "positive sign".

As journalist Tony Connolly wrote on Twitter, "Juncker regards Greek request as ‘a positive sign’, could pave the way for a reasonable compromise." Later, however, German Minister of Finance Wolfgang Schaeuble said that the proposal "is not sufficient to solve the problem." He explained that the Greek request is an attempt to "financing without Athens complying with the requirements of the programme. The letter does not meet the criteria set by the Eurogroup on Monday."