$Stock*Shop*Charts*News*Option$

[sludgehound]

MW Eurogroup ends meeting with no agreement, will reconvene Sunday

Eurozone's finance ministers ended a marathon session with no agreement on Greece's latest reform proposal late Saturday night, ahead of Sunday's summit of Eurozone's leaders. The major point of resistance came from Finland , whose government appeared unwilling to support any new bailout funding for Greece , according to reports from the Finnish media. The Eurogroup of finance ministers failed to even to put together a common statement, and was considering, according to Italian newspaper La Stampa, drafting two options - one with the Finns and one without. On Sunday, the Finnish government would either yield to the eurozone's pressure and agree to a Greek bailout or a specific European Stability Mechanism emergency clause could be activated, which enables the ESM to grant financial assistance with only 85% of the votes. Finnish newspaper Kauppalehti also reported a third scenario, namely that the Finnish coalition government led by the right-wing True Finns party could be broken up. Meanwhile, the Guardian reported that Italy was ready to take a stance and demand that Germany hammer out an agreement with Greece . Earlier on Saturday, German media reported that Germany's finance ministry floated a document that outlined a temporary five-year Grexit from the euro, but not from the European Union . Eurozone leaders have demanded tougher reforms from Greece in exchange of what is now calculated at a potential new bailout of EUR74 billion ( $82.55 billion ).
-Ellie Ismailidou; 415-439-6400; [e-mail]
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
07-11-15 1815ET