Greek Bailout Program Could Expire, Be Replaced With New One

BRUSSELS--The eurozone could allow Greece's bailout program to expire at the end of February and simply replace it with a new program, a senior European Union official said on Friday.

"It's not crucial to extend," said the official, who asked not to be named. Allowing the program to expire and replacing it with a new program "is a distinct possibility. I would not exclude it."

Doing so could make domestic politics easier for Greece's new left-wing government. Prime Minister Alexis Tsipras has pledged not to extend the current bailout program, which is reviled by voters who swept his Syriza party to power in last month's elections.

Eurozone finance ministers will meet on Monday to hammer out either an agreement to change the existing program with Greece or replace it with a new one. In the meantime, officials from the European Commission, the European Central Bank and the International Monetary Fund are meeting with Greek officials to discuss what changes might be made to the program.

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