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Monday, February 16, 2015

Greek bailout: Eurogroup talks collapse – live updates

Rolling coverage as the eurogroup’s high-stakes negotiations over Greece’s financial programme hit problemsPress conference underway nowGreece rejects draft proposalMinisters arrive in Brussels - the key quotesLunchtime summary: Not much hope of a dealVaroufakis: No time for gamesPhotos: Sunday protests 6.39pm GMT Some drafts have been prepared that upset the Greek government in recent days, so what’s happening?Dijsselbloem says that many proposals have been drafted, some by the eurogroup, some by others, some by Greece. 6.37pm GMT Pierre Moscovici repeats that an extension is the only option for Greece:Moscovici: common ground of thinking must be extension of programme. without that we cannot start whole progress #greece #eurogroup 6.36pm GMT .@J_Dijsselbloem: Within the framework of a program things can change, but program must stay broadly on track #Greece 6.35pm GMT Is there any support for lowering Greece’s budget surplus targets?Dijsselbloem: That’s really a question for the Institutions (the ECB, the IMF and the EC -- the old Troika). But there is some flexibility within the programme which could be offered, while still keeping it broadly on track. 6.34pm GMT Next question: Why can’t we simply call the extension a bridging programme?Dijsselbloem explains that there has to be a commitment from Greece to accept the main features of the programme, that the budget targets can’t derail. So it’s fundamentally an extension of the current programme. 6.32pm GMT Onto Questions.The FT’s Peter Spiegel goes first. Given Greece doesn’t want an extension, are we looking at a third bailout?Different words, but it could be the same solution....but that request must come from the Greek government. 6.29pm GMT EU commissioner Pierre Moscovici says there is no alternative to a bailout extension:Moscovici: There is no alternative to a request for extension of the current program #Greece 6.28pm GMT dijsselbloem says meeting debated steps forwards and general feeling is that best way is for greeks to seek an extension of the program 6.27pm GMT Could be an extra eurogroup on friday says Dijsselbloem, but suggests that is the final deadline. 6.26pm GMT Time is short, he continues. If a request for a bailout extension comes in, then we could have another eurogroup meeting on Friday. 6.26pm GMT Dijsselbloem continues to explain that a bailout extension request from Greece should come with several commitments, including:There was a very strong feeling... that the next step must come from the Greek authorities.Flexibility is possible, but there should be commitment from Greek authorities to successfully conclude programme - Dijsselbloem 6.22pm GMT Onto Greece. Dijsselbloem explains that the eurogroup didn’t get an agreement last Wednesday. Then he and Greek PM Tsipras agreed to start technical work on the bailout, and to examine how Greece could cover the 30% of their bailout programme which they want to abandon.Today officials from the “institutions” reported back.... ministers had a slight sense of disappointment over the work, and that there was “no firm common ground” on what a new programme would look like. 6.18pm GMT Dijsselbloem subtweeting Greece right now by praising Portugal's economy. 6.18pm GMT On Cyprus, the eurogroup “took stock” of its bailout programme; the main hurdle is the demand for new laws for foreclosures (to help banks act on bad loans), which Cyprus MPs are refusing to pass. That law needs to be approved so that the programme can continue, Dijsselbloem says. 6.17pm GMT Eurogroup chief Jeroen Dijsselbloem begins by covering other business from today’s meeting.The eurogroup has decided to support Portugal’s plan to repay its IMF loans early, to take advantage of current low borrowing costs. 6.15pm GMT Reminder, there’s a live feed here. 6.14pm GMT Here we go.... Dijsselbloem, Lagarde, Regling and Moscovici have arrived. 6.14pm GMT Some instant reaction to the dramatic developments in Brussels in the last hour:So it looks like operation 'talk all night + achieve nothing' is being replaced by operation 'let them sweat' #GreeceThis is not the end, of course. New Eurogroup meeting likely this week. But today's episode has certainly created some bad blood. #GreeceWe've come to the "Take it or leave it" moment. #Greece #Eurogroup 6.13pm GMT Journalists are filing into the press conference room now..... 6.10pm GMT This is the second time in five days that a eurogroup meeting has broken up without any progress on Greece. Was hoping for a longer press conference at this Eurogroup, but chances seem slim... 6.05pm GMT What a mess! The eurogroup has broken up, in acrimony after the leaking of the draft statement which Greece was unable to accept.A press conference has been called. It’s being streamed live here.i can't watch: que sera sera RT @minefornothing LINK TO PRESS CONFERENCE http://t.co/BGafAM5mur … 6.02pm GMT Looks like its over and a press conference to follow:#Eurogroup chief @J_Dijsselbloem will be joined by @pierremoscovici & @ESM_Press Chief Klaus Regling http://t.co/OhmPuGfSCE 5.48pm GMT Greek officials are saying they are still negotiating in the eurogroup, Reuters is reporting.They say the rejected draft proposal came from eurogroup chief Jeroen Dijsselbloem. 5.45pm GMT Having read the draft #Eurogroup statement it seems obvious #Greece was never going to agree, strange approach from both sides. 5.42pm GMT If true, this is first time a Eurogroup meeting has been put on hold. SYRIZA just leaking everything to press in real time. Extraordinary 5.40pm GMT The second eurogroup statement rejected by Greece pic.twitter.com/QbrHWE4cBm 5.37pm GMT #awk... EU Official Says Eurogroup Meeting Put on Hold 5.35pm GMT Reuters appears to have the draft eurogroup statement and there seems little sign of compromise on the EU creditors side, if this is what they expected to reach agreement on tonight: 5.27pm GMT Meanwhile, Greek banks could run out of collateral for new loans in 14 weeks, according to JP Morgan.It bases this on the fact they are losing around €2bn euros of deposits a week, and assumes that outflows continue at this pace. Reuters explains:This is based on its calculation that of a maximum €108bn of financing available from the European Central Bank and Greek central bank, Greek banks have already used up €80bn, leaving them with €28bn if needed. 5.20pm GMT Greek gov't sources say option of continuing memorandum is "off table" and trying to bring it back is "waste of time" #Greece #Eurogroup 5.18pm GMT There'll be no deal so no all-nighter here at eurogroup. Midnight. Still leaves tricky issue of a statement after the debacle last WedsGreek govt official says no agreement possible at Eurogroup meeting. pic.twitter.com/DIbRGPrQqA 5.15pm GMT Here’s the seating plan for the eurogroup meeting today pic.twitter.com/Zoe8kquxMB 5.01pm GMT Where we left off Wed MT @YanniKouts #Greece govt: #Eurogroup discussed 'unreasonable', 'unacceptable' draft insisting on extending bailout 4.59pm GMT Although this is not looking good for an agreement today, according to these Reuters snaps: 4.44pm GMT But that may not mean an early cut:Apparently Varoufakis has been saying he is determined to negotiate through the night if necessarily. Other finmins say midnight at latest 4.30pm GMT My colleague Jennifer Rankin is in Brussels and reports that the main event appears to be getting underway:Eurogroup ministers have now dispensed with the other bits of the agenda: discussions on #Greece are underway. 4.21pm GMT And as the eurogroup talks continue, shares in Greece have fallen back and bond yields have risen.The Athens stock market has closed down 3.83% at 859.7, after climbing to a two month high on Friday in anticipation of a deal. 4.16pm GMT A reminder of what the eurogroup has on its agenda today:The Eurogroup will continue the discussion on the situation in Greece, considering the upcoming expiry of Greece’s current economic adjustment programme.The ministers will also discuss the economic situation in the euro area and will look into the European Commission’s winter forecast, which was published on 5 February 2015. 3.02pm GMT Ok. Sounds like @yanisvaroufakis has just arrived at #Eurogroup meeting. We can commence our waiting. 2.58pm GMT Greece’s negotiating tactics might be irritating to some of the Europeans (Germany in particular) but they seem to be playing well at home:Marc poll for @EFSYNTAKTON Greek gov't is negotiating Correctly 58% Probably correctly 23.5% Wrongly 14% N/A 4.3% #Greece 2.56pm GMT Sounds like the eurogroup meeting might have started without the main attraction being present:Source in the room upstairs says #Eurogroup has started without @yanisvaroufakis. "Still not here," says official..@SpiegelPeter "Let's just crack on, shall we. We'll get it finished by the time he gets here and he can just sign at the bottom"..@YiannisMouzakis In fairness, #Greece is not the only item on the #Eurogroup agenda tonight, unlike last week.@YiannisMouzakis Actually, I suspect it's the last thing on the agenda. Gotta get through the other stuff quickly before the main event. 2.48pm GMT Northern/Southern dividend becoming evident with EU fin min comments thus far, Spain's Guindos expects an agreement...#Eurogroup 50/50 2.39pm GMT You can see videoclips of all the finance ministers arriving in Brussels, here. 2.13pm GMT Spanish finance minister Luis De Guindos has declared that he, like Yanis Varoufakis, has a red line that can’t be broken; Greece must repay its debts.Spanish FinMin Luis de Guindos: "Our red line is that [Greek] loans must be paid back in full". #Greece#Eurogroup - #ES #De_Guindos @_minecogob : "We will try to reach an agreement" #Greece http://t.co/CDPS13hcmu pic.twitter.com/qUzeJVbJKc 2.08pm GMT It’s not all doom and gloom in Brussels -- Lithuania’s finance chief has arrived in positive spirits.Aww, Lithuania.The newest to the euro party & most optimistic finance minister so far today. "I'm in a positive mood," says Rimantas Šadžius 2.03pm GMT Amid the flurry of newsflashes from Brussels, Finland has also taken a hard line on Greece:Finnish FinMin Rinne: Finland isn't ready to discuss a new programme. Current programme is the basis for negotiations. #Eurogroup 2.02pm GMT Peter Kazimir, Slovakia’s finance minister, has also hinted that another eurogroup meeting will be needed to resolve this crisis.Slovak minister @KazimirPeter also says #eurogroup will most likely need one more meeting, later this week to negotiatie with #Greece. 1.56pm GMT Luxembourg’s finance minister, Pierre Gramegnam, told journalists outside the eurogroup that Greece needs to make its position clear:#Gramegna Fin Min of Luxembourg: We will discover the red lines today, nothing's been put on the table yet. #Greece #Eurogroup 1.53pm GMT Michael Noonan also wants Greece to put ‘concrete proposals’ on the table for finance ministers to discuss. 1.52pm GMT Oh gawd....Irish FinMin Noonan: There is a remote possibility for a new Eurogroup mtng on Friday if talks today fail. #Greece 1.51pm GMT Next up - Irish finance minister Michael Noonan. He tells reporters that nothing which happened over the weekend could be called a breakthrough for Greece (fair enough)Irish Fin Min Noonan: today is a continuation of discussion going on at weekend, don't know yet what specific #Greece requests are 1.49pm GMT French finance minister Michel Sapin has arrived, telling reporters that a ‘good solution’ would be that Greece’s current programme is extended, to give time for talks. 1.46pm GMT Austria’s finance minister, Hans Joerg Schelling, just told reporters in Brussels that Greece cannot renegotiate the terms of its current bailout. The eurogroup will try to make progress, he added, but time is short...Arrival Austrian finmin Schelling at eurogroup: solution greece "a problem of days, not of weks" 1.39pm GMT Speaking of pessimism.....Wolfgang Schäuble has just arrived at the eurogroup meeting, telling reporters that the ball is in Greece’s court:Here are the Reuters newsflashes:Schaeuble upon arriving in Brussels: "The decision is up to Greece." Doesn't sound like a man who wants to budge. #Greece#Schaeuble doesn't sound too confident ahead of Eurogroup meeting! 1.18pm GMT There’s little hope of a breakthrough today over Greece’s bailout, as eurozone finance ministers prepare to hold fresh talks.As finance minister of a small, fiscally stressed nation lacking its own central bank and seen by many of our partners as a problem debtor, I am convinced that we have one option only: to shun any temptation to treat this pivotal moment as an experiment in strategizing and, instead, to present honestly the facts concerning Greece’s social economy, table our proposals for regrowing Greece, explain why these are in Europe’s interest, and reveal the red lines beyond which logic and duty prevent us from going.Acc 2 @capitalgr sources, meeting between Varoufakis-Dijsselbloem lasted only 15 minutes, indicative of the mood... #Greece“I feel sorry for the Greeks at the moment. They’ve elected a government which is currently acting irresponsibly.”"I feel sorry for the Greeks" _ Link to Schaeuble interview http://t.co/l5XLrSy3sB #Greece @DLF pic.twitter.com/zvmi72T0RN“I think it is a misjudgment by Greece. If you look at the repayment needs to which Greece committed itself again at the last meeting, then they need money too, not just time,”“The Germans are right from a certain point of view. Greece, not the government of today, the country, signed a number of agreements. They must respect those agreements independently of the change of government.But the Greeks say, and they are right, I support them, ‘we have just changed government, so we are not going to do everything as before.“By all accounts, it seems that Greece and the broader Euro-Zone are on a collision course: the Syriza-led government doesn’t seem ready to break its electoral promises to end austerity; and the German-led creditor bloc doesn’t seem ready to allow for debt forgiveness away from the current program.”Athens is preparing itself for the need to hold another Eurogroup meeting soon, potentially even an extraordinary summit of the European Council to resolve the issue at the level of heads of state and governments. Although some ways of, we do believe the contours of an agreement are beginning to emerge. Greece will win its preferred choice of framework. This is likely to be a full, new, ESM bailout, not an extension of the program that currently exists. Germany, however, will win on the substance. The reforms included in the new program are likely to be much more consistent with Germany’s preferences, over issues such as the fiscal primary surplus, privatizations and labor market reform, as time elapses, and the Greek government’s negotiating leverage slowly begins to erode.Excellent from @duncanweldon on where things stand in Greece. Read the whole thing. https://t.co/pegBLPGJqy pic.twitter.com/hJtPIwrbjc 12.59pm GMT There is “negligible chance” of a deal today, reckons Wolf Piccoli of Teneo Intelligence.He believes an “extraordinary summit” of EC leaders may be needed to tackle the crisis.The Greek government has already been briefing local media that no agreement will be reached today. Similarly, German Finance Minister Wolfgang Schaeuble declared on Monday morning that based on technical talks held over the weekend, he was sceptical of the chances for a deal. Athens is preparing itself for the need to hold another Eurorgoup meeting soon, potentially even an extraordinary summit of the European Council to resolve the issue at the level of heads of state and governments.The latter might indicate that Prime Minister Alexis Tsipras still believes that a mere political deal was achievable – if so, this will soon turn out to be unrealistic. Led by Germany, Greece’s international creditors appear determined to hold their line and force Athens into providing a specific reform program that preserves the gist of measures enacted under the current program. With two weeks to go until the current program expires, policy-makers in Berlin feel that there is no need to give in too quickly to a government that has still been unwilling or unable to substantiate its own plans. 12.39pm GMT Sky News’s Ed Conway reports that there are technical glitches at the EC’s offices in Brussels:Computers here at Commission broken, so no security badges for journalists. “It’ll work in five minutes,” says EC man. “Five Greek minutes” 12.33pm GMT For an insight into Greece’s negotiating strategy, do check out today’s New York Times.Yanis Varoufakis has written a column for the NYT, in which he’s adamant that he’s not playing with game theory (in which he’s an expert). Instead, the Greek finance minister insists that he’s simply presenting Greece’s position honestly.I am often asked: What if the only way you can secure funding is to cross your red lines and accept measures that you consider to be part of the problem, rather than of its solution? Faithful to the principle that I have no right to bluff, my answer is: The lines that we have presented as red will not be crossed. Otherwise, they would not be truly red, but merely a bluff.But what if this brings your people much pain? I am asked. Surely you must be bluffing.Worth reading this @yanisvaroufakis op-ed in @NYTimes. He presents a v hard line. Not sure where compromise is found http://t.co/zIcygjV7Ga 12.23pm GMT Apparently Varoufakis and Dijsselbloem have now concluded their pre-eurogroup meeting:#Greece Varoufakis - Dijsselbloem meeting concluded in Brussels #eurogroup 12.20pm GMT Pierre Moscovici, the EU’s financial commissioner, has just been doorstepped in Brussels. He told reporters that the eurogroup will seek a “positive conclusion” on Greece:#Eurogroup - Doorstep @EU_Commission @pierremoscovici on a possible agreement with #Greece http://t.co/InZmDlbUVE pic.twitter.com/bdeIlRUckG 12.05pm GMT The ANA newswire says Yanis Varoufakis and Jeroen Dijsselbloem were expected to meet for talks ahead of the eurogroup meeting this afternoon. 11.58am GMT PS: Here’s a couple of screengrabs from this morning’s videoclip, in case you can’t play it on your device: 11.51am GMT The European Council newsroom has uploaded a videoclip showing eurogroup chief Jeroen Dijsselbloem and Greek finance minister Yanis Varoufakis arriving at today’s meeting. 11.36am GMT The Bundesbank has urged Greece’s commercial banks not to buy more Greek government debt.“Extending the liquidity requirements by taking short-term Greek state bonds in the coming weeks would run contrary to this.”An upbeat Bundesbank calls speed, strength of German pick up 'Remarkable.' 'Understandable' that German Growth Forecasts 'Markedly Higher.' 11.19am GMT Nick Malkoutzis, deputy editor at Greek newspaper Kathimerini, isn’t impressed by the war of words over who is more irresponsible:How encouraging that preparation for today's #Eurogroup has begun with name calling. Wedgies to follow doorsteps this afternoon? #GreeceDecision day on #Greece bailout. Debt deal possible but key is willingness to continue reforms. Hard, politically, for Syriza to give ground 11.08am GMT Finance ministers should be arriving at the eurogroup meeting in three hours time; hopefully they’ll speak to the press assembled outside.Doorstep #Eurogroup at around 15.00. 10.56am GMT Despite the discouraging noises this morning, Kit Juckes, currency strategist at Société Générale, reckons the eurozone will muddle through this immediate crisis:Kicking cans down roads is the EU’s forte and the most likely outcome of negotiations with Greece is still that a temporary deal is reached so that talks can continue and funding be maintained for now. 10.44am GMT Back in Athens, government spokesman Gavriil Sakellaridis has also insisted that they’re serious about reaching a deal with eurozone partners:#Greece spox:We want a solution on a politic level,we dont see it as a poker.We dont bluff. Govt's intention is 2reach a deal w the partners 10.18am GMT Why was the EU’s trade surplus so much smaller than the eurozone’s last year? Take a bow, British consumers:Meanwhile, wider EU trade surplus only €24 billion, due to the valiant efforts of the UK to consume *everything in the world* 10.14am GMT It’s all kicking off, even before finance ministers arrive in Brussels.Greece’s government has hit back at Wolfgang Schäuble’s claim that Athens is behaving irresponsibly, arguing that Berlin is just as culpable for the current deadlock.#Greece govt spox Sakellaridis re Schaeuble's comments: Well, I could say #Germany's behaviour is irresponsible too#Eurogroup mood music: "I'm sorry for Greeks. They elected a govt which is behaving rather irresponsibly." -Schäuble http://t.co/fFBS8nmX36 10.08am GMT Just in. The eurozone’s trade surplus has widened again.The single currency region exported €24.3bn more goods than it imported in December, up from a €13.6bn surplus in December 2013.Euro area international trade in goods surplus €195bn in 2014, €24bn surplus for EU #Eurostat http://t.co/KAcSeplYDl pic.twitter.com/GtNfPZKXCb 9.54am GMT London newspaper CityAM has published a handy breakdown of the new deal which Greece is seeking; and the likelihood of each part being agreed:Nice @CityAM graphic highlighting @OpenEurope assessment of #Greece position at #Eurogroup http://t.co/5d4E0oFVGH pic.twitter.com/6fZM8XW4Wh 9.47am GMT The uncertainty over Greece hasn’t hurt the euro today, which is up around 0.2% against the US dollar at $1.1408.But the single currency could weaken if there’s no progress in Brussels. Susanne Galler, a strategist with Jefferies in London, told Reuters:“The market consensus is for them to do a deal by the end of this week. But we think that if there’s no deal today and the clock starts ticking then the euro will look increasingly vulnerable.” 9.31am GMT German finance minister Wolfgang Schäuble also accused the new Greek government of behaving ‘irresponsibly’ during this morning’s radio interview, reports Agence France-Presse. AFP reports:Schäuble, who was recently caricatured in the Greek press as wearing a Nazi-era army uniform, hit out at the insults Greece has dealt to its eurozone partners. “I feel sorry for the Greeks at the moment. They’ve elected a government which is currently acting irresponsibly,” Schäuble said. 9.20am GMT Marc Ostwald of ADM Investor Services is also downbeat about how much progress we’ll see today:“It appears unlikely that there will be even a short-term ‘bridge’ agreement between Greece and the Euro group at today’s meeting, but it is to be hoped that some further common ground can be found.” 9.19am GMT I’m en route to Brussels for what was billed as the crunch eurogroup meeting on Greece. It looks increasingly like ending in discord (again)Meanwhile, Eurogroup officials are sitting down in Brussels now, to work on the technicalities of today’s meeting.Euro Working Group (EWG) at 10.30 (CET), #Eurogroup officially starts at 3pm. #Greece #economy #ec #ecb #imf 9.18am GMT Another worrying sign: Investors are selling out of Greek bonds this morning.The yields (or interest rate) on Greek debt has risen, indicating that it’s seen as riskier. 9.04am GMT 8.55am GMT Fears that this afternoon’s eurogroup meeting won’t break the deadlock between Greece and its creditors have hit shares in Athens.The main ATG stock market fell over 4% in early trading, with the banking sector falling over 8%.#Greece Athens stock excange -4.33%, banks -8.58% after minutes in session 8.53am GMT The FT’s Peter Spiegel also fears today’s meeting won’t deliver a break-through deal.All signals seem to suggest no #Greece deal tonight at #Eurogroup. So next question is: how hard a deadline is today, really? 8.48am GMT “It’s a day ending in ‘y’ so it must be another crucial day for the Greek debt crisis,” says a weary-sounding Jeremy Cook of World First.He explains why it’s important that some progress is made today:Alexis Tsipras and Yanis Varoufakis have until the end of the month to negotiate an extension of credit terms for Greece. The current bailout package expires on February 28th. A deal today would give other European parliaments just less than a fortnight to vote on the extension and form some kind of consensus and agreement around the rehabilitation of the Greek state.Late on Thursday the European Central Bank extended the amount of money it was willing to provide to Greek banks in a bid to shore up liquidity within the country. Reports over the weekend suggest that the pace of withdrawal from Greek banks has increased in the past week to around EUR200m a day. 8.24am GMT Europe’s stock markets are dipping in early trading, as traders react to the generally negative comments from finance ministers this morning.The FTSE 100 is down 15 points, or -0.23%, at 6857, while Germany’s DAX has dropped by 29 points, or 0.3%.Investors are waiting for proof of real progress on both the Greek debt negotiations (extended talks expected, still significant gaps between both sides) and the ceasefire in Ukraine (tentative at best). 8.14am GMT Thousands of Greek citizens took to the streets last night to show their support for Greece’s negotiators in Brussels today:#Greece today Trafalgar Square was yours; Our solidarity with you #Syriza pic.twitter.com/KFXUJ44rwm 8.03am GMT The finance ministers of Austria and Malta have also been speaking this morning, and neither sound keen to grant Greece much help:Austrian MinFin on German tv: if you need a loan, don't go to your bank, insult the director and then try to re-negotiate conditions*MALTA FIN MIN SAYS GREECE ASKING FOR `IMPOSSIBLE FAVORS' 7.59am GMT France’s finance minister, Michel Sapin, has also hit the airwaves this morning to argue that Greece must respect European rules.Speaking on France 2 television a few minutes ago, Sapin warned that Greece would face “huge dangers” if it left the eurozone. “The Germans are right from a certain point of view. Greece, not the government of today, the country, signed a number of agreements. They must respect those agreements independently of the change of government. But the Greeks say, and they are right, I support them, ‘we have just changed government, so we are not going to do everything as before.”#Greece | *FRANCE'S SAPIN SAYS THERE'S A `CHANCE' OF ACCORD ON GREECE TODAY ...Schauble not on same page clearly 7.45am GMT Germany’s finance minister, Wolfgang Schäuble, is not optimistic that Greece and its creditors will reach a deal today.“From what I’ve heard about the technical talks over the weekend, I’m very sceptical, but we will get a report today and then we’ll see.”Neither side optimistic on #Eurogroup. Schaeuble: very pessimistic on quick result. #Greece: it will be difficult, decision not certain. 7.38am GMT Good morning.It’s another crunch day in the battle between Greece and its creditors over its bailout programme.Monday’s #Eurogroup agenda includes #Greece, #Cyprus, #Portugal: http://t.co/0SaoqOBFEb.“I expect difficult negotiations on Monday. But I am full of confidence.“I am in favour of a solution where everyone wins. I want a win-win solution. I want to save Greece from tragedy and Europe from a split.”Most likely outcome Monday: A typical Euro fudge formula that the creditors will call 'extension' &the Greek govt will call 'transformation' Continue reading...


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