Eurogroup: start comparison with Greece for debt

The Eurogroup has mandated the President Jeroen Dijsselbloem to start the comparison with Greece on debt's strain. "Nothing contained in the package will be closed until the whole package will be closed," said the same Dijsselbloem.

At the meeting "there was a common point of view that it is conceivable, feasible riprofile the greek public debt without a par value cut, without a haircut", said Christine Lagarde, director of the International Monetary Fund. "Based on our analysis of the sustainability of the Greek debt – said Lagarde – you can operate using all existing devices", in fact except for a haircut. For some time the IMF considers it necessary to reduce the greek government debt, defined unsustainable and on this point the clashes with European governments, in particular Germany, were different.

The compromise would then be a "reprofiling", an extension of deadlines or periods of grace, obtained in the past from Athens, which also in 2011 has also got a cut of 100 billion to its debt, held largely by banks and funds investment. Today, however, the Greek debt is almost all in the hands of governments and the BCE, a situation that leads to more difficulties.

Dijsselbloem remains optimistic about the closure of the negotiations with Greece, next Thursday should be scheduled a meeting for this purpose. And added that it comes to establishing automatic mechanisms to launch 'additional measures if necessary. "

The Eurogroup has decided that Greece must approve a "contingency package", with new austerity measures, which will snap if Athens does not respect the budgetary targets set for 2015 and 2016. It is now up to the greek government to approve this package, and if there will be an agreement with creditors on all other measures, hence the meeting next week which should unlock the next tranche of aid from 3.2 billion.

"The contingency package are measures to be implemented in the event that you do not reach the targets set. Must be based on objective factors indicating when taking measures, "he said Dijsselbloem. What measures and what the triggers will be decisions taken together with the greek Minister Tsakalotos, with whom "work constructively"., which will have to respect in any case the limits set by last year's discussion.