More anxiety about the tranche until Monday

After a 10-hour meeting, Wolfgang Schäuble said the European finance ministers failed to reach an agreement on Greece. The ministers will meet again in Brussels on Monday, November 26.

"The issues were so complex that we could not find a definitive solution. There is a whole range of options to fill the financing gap in Greece, estimated at 32 billion euros," Schäuble said without giving any more details. "There has been progress, but there should be a little more," IMF chief Christine Lagarde said.

The Eurozone must find a way to reduce the Greek debt, which threatens to reach 190% of the GDP in 2014.

The Europeans seem to have agreed among themselves on the approach of support towards Greece, but the gap with the IMF remained unbridgeable as the Fund set conditions for the management of the Greek debt which the governments of Eurozone member-states could not accept.

According to initial estimates and a document cited by Reuters, the objective of reducing the debt at 120% of the GDP in 2020 will not be achieved without a haircut on the bonds of the official sector, which is what mainly the German side is trying to avoid until the federal elections in September 2013.

According to Reuters, Greece will be unable to reduce its debt to 120% of GDP without burdening the other Eurozone members.

Juncker, Moscovici and Draghi rooting for Greece

Greece found significant support from the "Troika" of Eurogroup chief Jean - Claude Juncker, French Finance minister Pierre Moscovici and European Central Bank representative Mario Draghi, who pushed for a solution for Greece and the Eurozone.

Juncker’s statement is indicative since he appeared "slightly disappointed in this development and the non-agreement," while his response to a question about whether and when Greece will receive the tranche caused a stir: "I do not know when it will happen."

Officially, the Eurogroup’s final statement attempts to mitigate the negative impression, as Europeans welcome the agreement of the Greek government with Troika and the ambitious measures that have now been validated satisfactorily, while praising the Greek people’s commitment to the program.