Schaeuble damped any expectations talks were possible on a new accord, saying in Istanbul yesterday after a meeting of finance chiefs from the Group of 20 that if Greece doesn’t want the final tranche of its current aid program, “it’s over.” Creditors “can’t negotiate about something new,” he said. Deutsche Bundesbank President and European Central Bank Governing Council member Jens Weidmann said Greek efforts to get bridge financing through debt instruments was a non-starter.
Greece will have to ask for an extension of its current bailout to give itself and the euro zone time to hammer out a new agreement, as there is no specific plan for Athens now, the EU’s economics commissioner said on Tuesday…
Greece would have to agree to extend the bailout and apply for it by the next meeting of euro zone finance ministers on Feb. 16, he said, because otherwise there would not be enough time for parliaments in some euro zone countries to approve the extension before the program expires on Feb. 28.
EU officials have grown frustrated with what they believe is a misunderstanding of EU procedures by the new Greek government and hope the eurogroup meeting will offer Mr Varoufakis a chance to begin more formal talks over how Athens wants to proceed.