Eurozone formally discusses Greek default for first time

Senior EU officials have formally discussed for the first time a possible Greek debt default as negotiations between Athens and its creditors have stalled ahead of an end-month repayment deadline, several officials told Reuters.

The government representatives, preparing next week’s Eurogroup meeting of eurozone finance ministers, concluded at talks in Bratislava late on Thursday that there were three possible scenarios for what would happen with Greece at the end of June. The least likely, they think, is a successful cash-for-reform deal next week in time to meet end-June legal deadlines.

The second possibility was a further extension of the current bailout program, which expires this month at the same time as Greece must repay 1.6 billion euros to the IMF. The third, discussed formally for the first time at such a senior level in the EU, was to accept Greece could default.

The meeting reached no decision or concrete conclusion…

  • canminuteman

    Greece has defaulted on its external sovereign debt obligations at least five previous times in the modern era (1826, 1843, 1860, 1894 and 1932). Anyone who is stupid enough to lend money to Greece deserves to lose it.

    • Frau Katze

      The Eurocrats are eternal optimists. And not just about Greece. In short, they’re idiots.

      Thanks for the reminder on past Greek behaviour.

      • Alain

        I would not call them optimists at all. Like all socialists/communists they refuse to accept that their system does not work and never will or can work. They just keep digging in their heels each time refusing to accept facts.

        • Frau Katze

          Perhaps a better description would be “incurable optimists regarding their system.”

          I have noticed that one thing that distinguishes airy-fairy liberals from more sober minded folk is their dangerous optimism in the face of clear dangers. It is as if the liberal lacks the ability to sense danger. I’m thinking of their wild optimism on Islam (they’ll be just like 19th century Catholics, etc…that school of thought).

    • Hard Little Machine

      Bank keep lending Argentina money. And they openly say they’re not paying anything back.

  • barryjr

    Why doesn’t the EU build a big wall around Greece and then send the African boat invaders there?

  • Maurixio Garcia Sanchez

    A developed nation , part of the EU cant managed their finances ,they want everything for free,I think Mike Duffy could be the advisor for that country.

    • dance…dancetotheradio

      Or John McCallum.

  • Hard Little Machine

    They will just keep rolling it over and pretending Greece will pay. Which they won’t The IMF doesn’t want to be the people who made Greece a failed state. And the EU doesn’t want a million Greeks fleeing Greece for other EU states.

  • Hard Little Machine

    It will be hysterically funny to watch Abu Dhabi buy the whole country and privatize it.