Press Summary: ECB considers taking part in Greek restructuring; Greece misses another deadline as Greek unity government fails to find consensus

ECB considers taking part in Greek restructuring; Greece misses another deadline as Greek unity government fails to find consensus

Open Europe comment: It???s time for the ECB and the eurozone to accept losses in Greece

Even though Greece’s government missed another deadline to come up with a list of painful reforms, the European Central Bank (ECB) has signalled it will exchange its Greek bond holdings in order to reduce the country’s debt. More »

               There is no exit in the Consolidated Treaties for countries needing to leave the Euro. There is no provision for a country to organise its own departure, and no provision for a vote of the other members to expel a member state. As the existing members in the Euro wish to remain members,

Merkel tries to silence talk of Greece leaving the eurozone; Barroso: Eurobonds will not bring an immediate solution to the eurozone crisis

Merkel???s and Sarkozy???s backing for Greece signals likelihood of next tranche of aid being paid out

Still no deal to release next tranche of Greek bailout funds as fall of Slovenian government puts expanded EFSF in doubt; Portuguese PM: If Greece defaults, Portugal may need more financial aid

Press summary: Negotiations continue in Greece as Germany puts forward new plans to split bailout funds; Greek PM calls for research into consequences of Greek exit from eurozone

With the negotiations balancing on a thin line between bailout and default, what the Greek economy needs is a major reduction of the public sector followed by privatisation and tax reductions, writes Anna Visvizi from the American College of Athens. More »