After the last bankruptcy meeting of the Eurogroup, signs of openness are arriving from Berlin in view of a final agreement on aid to Greece. According to German Chancellor Angela Merkel, "there is the possibility" that the green light will arrive next Mondaywhen eurozone finance ministers meet again in Brussels.
Nothing is resolved yet, but the message from the chancellor helps to ease international tension, including on the markets. Merkel pronounced the possibility sentence during a speech in Parliament.
Shortly before, however, during a series of meetings behind closed doors with some German parliamentarians, it seems that the chancellor has reiterated her opposition to a new cut in the Greek debt. Berlin could instead agree to a reduction of interest on aid already paid to Greece, or to the postponement of its collection.
On this front, however, it remains to be overcome the opposition of the International Monetary Fund, who would prefer a second devaluation of Greek bonds. After the restructuring at the beginning of the year of the share in private portfolios, this time it would be a question of intervening on Greek bonds in the hands of institutional investors (ie governments).
Other possible measures under study envisage the repurchase at heavily discounted prices by the Athens government of a part of its government bonds already in circulation, or the payment into Greek coffers of the profits obtained by the ECB with the purchase of Greek bonds at bargain prices on the market secondary.
