Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Sunday, July 12, 2015

Eurogroup offers leaders choice of words on Grexit

The Eurogroup of finance ministers offered their leaders a choice of wording on Sunday if a deal cannot be struck on a bailout for Greece - giving Athens a "time-out" from the euro zone and possible debt writeoffs. A four-page document from the ministers, being reviewed at a summit of euro zone leaders and seen by Reuters, concludes a long list of conditions for Greece to get a programme -- most of them apparently agreed to by Athens -- by offering two possible conclusions, both contained within drafters' square brackets. The second reads: "In case an agreement could not be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring." That wording closely echoes a position paper presented to the Eurogroup on Saturday by German Finance Minister Wolfgang Schaeuble.