Brussels: Greece should request extension to existing bailout program

This is the optimal solution and it will render further talks viable – A write down is out of the question

EU Commissioner Pierre Moscovisi, speaking via a “spokesman”, is the latest top European leader on Friday urging Athens to seek an extension to a bailout scheme ending this month.

“The European Commission is determined to work constructively with Greek authorities and all stakeholders, in view of reaching a mutually beneficial agreement for Greece and Europe as a whole,” was the spokesman’s comment in Brussels.

Annika Spokesman Burkhard Balz also stressed that the Eurogroup on Feb. 11 is an important opportunity to make progress in talks with the new anti-bailout Greek government.

Sources indicate that the European Commission believes the best way of advancing the ongoing pan-European debate is an extension on the existing bailout program for Greece through the European Financial Stability Facility (EFSF).

“This, however, requires a similar request from Greece within the next few days and a decision by the Eurogroup on Feb. 16, at the latest”, according to the same sources.

“The Commission is fully committed to Greece remaining within the eurozone,” Commission sources maintained, noting that convergence with Athens is possible — debt reduction, however, is off the table.