Euro Finance Ministers Break As Greek PSI Plans Crumble
In other words, as Dow Jones reports, negotiations over participation of European banks in the Greek bailout at Eurofin meeting have broken down. That is all.
Ok fine, here is some more:
Euro-zone finance ministers have taken a break in their meeting in Brussels, after discussions revealed that a proposal mapped out for private-sector participation in Greece's next bailout may face impossible hurdles.
The ministers will reconvene after meeting with their country delegates.
In the June 19 Luxembourg meeting, leaders agreed on private-sector participation in the rescue, so long as it's voluntary, substantial and would not result in selective default.
"The voluntary is basically dead," said one euro-zone official.
Another official said: "They now see all three are not possible."
He was already separating himself from the strategy, adding: "We never thought it was a good idea," he said.
h/t London Dude
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