16 Feb 2015

Exclusive: details of rejected draft Euro statement

The Eurogroup finance ministers just broke up without agreement. I’ve seen the draft statement, rejected by the Greeks. It welcomed aspects of Syriza’s plan but stumbled over the sentence:

“The Greek authorities have indicated that they intend to successfully conclude the programme, taking into account the new government’s plans. In this context we intend to make best use of the existing built in flexibility in the current programme”.

Read more: How a German veto scuppered EU-Greece deal

On this basis the Eurogroup would have extended the availability of European Financial Stability Facility (EFSF) funding Greece relies on.

Greek negotiators said the draft was unacceptable as a basis for discussion. More follows but clearly we are not in for a marathon negotiating session.

The Greeks were, last Wednesday, prepared to sign a document referring to an amended or revised programme. This, yet again retreats to the “existing flexibility” for which read existing conditions.

Around these technicalities the fate of Greece’s future in the Eurozone is being decided.

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