The Eurogroup meeting ended abruptly on Monday evening, with the Greek side referring to an unacceptable “trap” from the appearance of a draft text it charges was merely a reheated memorandum agreement.
The text was leaked hours earlier, generating a quick “ochi” (no) by the Greek side. Athens’ radical leftist government was represented by FinMin Yanis Varoufakis, amongst others.
Statements are expected by Varoufakis and Eurogroup head Jeroen Dijssenbloem.
Key statements from Finance Ministers arriving in Brussels
German Finance Minister Wolfgang Schaeuble
Earlier, upon his arrival at the Eurogroup meeting, the German FinMin made the following statement: “As long as Greek Govt doesn’t want a program, I don’t have to think about options.”
Schaeuble also told reporters that he is skeptical about today’s negotiations and that the chances of the two sides reaching an agreement are low.
Irish Finance Minister Michael Noonan
The Irish FinMin stated upon his arrival that there is possibility for a new Eurogroup meeting on Friday, if today’s talks fail.
Noonan stated that, although the program runs out for Greece at the end of February, he still doesn’t know what the country’s specific requests are. However, he noted that the Eurozone FinMins would certainly accede to a Greek request for an extension of the program.
Austrian Finance Minister Hans Joerg Schelling
The Austrian FinMin stated that he has no expectation that an agreement will be reached today between the two sides. As he said, “last Wednesday’s experience showed us that we can agree, however we weren’t able to issue a joint statement.”
Schelling underlined that a solution is possible, despite the numerous obstacles. “It is a question of days rather than weeks and the problem is not the markets, but the cooperation diffuculties between Eurogroup and Greece.”
French Finance Minister Michel Sapin
The French FinMin told reporters that a ‘good solution’ would be that Greece’s current program is extended, so that both sides will have more time for talks.
Spanish Finance Minister Luis De Guindos
Luis De Guindos has declared that he has a red line that can’t be broken: “Greece must repay its debts in full”
Varoufakis – Dijsselbloem meeting
It should also be noted that Greek Finance Minister Yanis Varoufakis and Eurogroup head Jeroen Dijsselbloem met on Monday ahead of the Eurogroup meeting. Varoufakis and Dijsselbloem arrived at the premises where the meeting of the Eurozone Finance Ministers will be held, and entered the meeting without making any statements to the press.
