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This is what Germany will propose to the Eurogroup

This is what Germany will propose to the Eurogroup

According to information from the Reuters German service, at the Eurogroup tonight German Finance minister Wolfgang Schäuble will propose the repurchase from Greece of 50% of the bonds in the hands of individuals at 25% of their value as a method of debt reduction by 11 units.

According to information from the Reuters German service, at the Eurogroup tonight 
German Finance minister Wolfgang Schäuble will propose the repurchase from Greece of 50% of the bonds in the hands of individuals at 25% of their value as a method of debt reduction by 11 units.

As the story goes, private creditors are still holding Greek bonds worth 60 billion euros. With the German proposal it is estimated that the repurchase will cost about 7.5 billion, of which half would be paid by Greece and the rest saved from the ECB profits from selling Greek bonds.

In another story today and citing a German government source, "Bild" claims that Berlin agrees to give Greece the additional 14 billion euros by 2014, pointing out that the German government wants to prevent a Greek default in every way possible. According to the report, the reduction of interest rates on loans already taken by Greece is among the proposals currently being studied.

Schäuble is optimistic

Speaking at a Christian Democrat-Christian Socialist parties PG meeting, Schäuble once again appeared optimistic about finding a solution in tonight’s Eurogroup.

According to Deutsche Welle, Schäuble was quoted as saying that a possible economic collapse of Greece would jeopardize economic growth in Germany as well. According to him, the issue at tonight's Eurogroup is to cover the funding gap by 2014. According to the same circles, he appeared optimistic that a solution can be found at the Brussels meeting.

There is an urgent meeting of the Christian Democrat-Christian Socialist PG planned for Wednesday morning in Berlin, where Schäuble will inform government MPs on the outcome of the Eurogroup. Government MPs are asking to have the full Troika report before any decision is made.

However, the views prevailing in European governments regarding today's Eurogroup meeting are conflicting.

Earlier today the French Finance minister expressed his hopes about finding a solution for Greece. Finnish Finance minister Jutta Urpilainen moved on a different wavelength, saying that she is not certain that the Eurozone finance ministers will approve the disbursement of the next tranche for Greece. "I'm not at all sure that it will happen. More information is needed before a decision can be made, so the situation is very much open". Jutta Urpilainen reiterated that Finland is ready to give Greece more time to achieve its financial targets, but that it excludes a restructuring of Greece’s debt.
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