Eurogroup Finance Ministers ended their meeting without an agreement. The Radical Left Coalition’s (SYRIZA) plan was accepted, but one statement proved a stumbling block:

“The Greek authorities have indicated that they intend to successfully conclude the program, taking into account the new government’s plans. In this context we intend to make best use of the existing built in flexibility in the current program.”

“We were offering from effectively implementing our own program, the program we were elected to implement for a period of six months and all we were getting back was a nebulous promise of some flexibility that was never specified. Under those circumstances, ladies and gentlemen, it proved impossible for the Greek government – despite our infinite goodwill – to sign the offered communique and so the discussions continue,” said Greek Finance Minister Yanis Varoufakis at the press conference following the Eurogroup meeting. “All that tonight has proven is that Europe is going through a difficult process of adjusting to the fact that there is a government now in Greece which is challenging a program that has been going on for five years which has failed, quite clearly, in the minds of all people who don’t have a vested interest in pretending that it hasn’t failed. Our difficulty is to convince our partners that Europe must count its losses with a program that is not working.”

Here is the draft and changes offered to Varoufakis by the Economic and Monetary Affairs Commissioner Pierre Moscovici:

First draft:

Here is the statement withdrawn from Eurogroup: