EXCLUSIVE-The euro zone mentioned for the first time a possible defect … – Challenges.fr

by Jan Strupczewski

BRUSSELS, June 12 (Reuters) – Senior EU officials first raised the possibility of a Greek default, while negotiations between Athens and its Creditors have stalled again Thursday night, told Reuters several officials of the European Union (EU).

This new impasse discussion occurs while a common ground must be found before the June 30, the date of expiry of the international aid plan in progress and a maturity of 1.6 billion euros of debt that Athens has to repay to the International Monetary Fund (IMF).

Meeting in Bratislava late Thursday night to prepare the meeting of finance ministers of the euro area June 18, representatives of European governments have concluded that three scenarios were possible for Greece at the end of the month.

The first option, the less likely, is that seeing Athens and its donors an agreement on financial assistance in return for reforms next week, which would meet the deadline of the end of the month.

The second possibility is a new extension of the current aid program, which also expires at the end of the month.

LOST TIME FOR AN AGREEMENT

The third scenario – formally discussed for the first time at this level of responsibility within the UE– corresponds to a default of Greece

Most managers are skeptical about the possibility. to conclude an agreement in time for Athens to receive the € 7.2 billion that are still due to him under the aid plan extended for four months in February.

“It should achieve in a few days the progress that have not been possible several weeks, “a senior official said on Friday with the matter.

Given the low likelihood of a settlement being reached in time extension of the current aid scheme could be considered, otherwise Greece will not touch the loans that were granted in this context

This extension -. a few weeks, until at the end of the year or until the end of March 2016, end date of IMF aid plan – would reserve funds which Greece can claim and to make available later, when an agreement on the reforms will be concluded.

However, representatives of some countries in the euro zone believe that we must prepare for a third option, that of a Greek default.

“For the first time, there was a discussion about a ‘plan B’ for Greece,” said another official. Two other officials confirmed that such a discussion had taken place.

Such a scenario probably would force Athens to implement capital controls and implement alternative currency only

So far, this possibility was not mentioned, not even in closed meetings like the one held Thursday, although some countries, like Germany, have prepared for this eventuality.

The discussions at this meeting – purely academic previous error in the eurozone – have led to any concrete conclusion or decision

(Myriam Rivet for service. French edited by Patrick Vignal)