May 6, 2011
Finance ministers from an inner core of eurozone countries were holding secret talks in Luxembourg tonight to discuss a possible debt restructuring for crisis-ridden Greece.
The single currency's leading creditor nations – Germany, France, Finland and the Netherlands – all attended the meeting, called amid concerns that Greece's problems were nearing breaking point.
Sources said negotiations centred on the mounting eurozone debt crisis, and included not just Greece but the terms of Portugal's bailout and Ireland's demands for easier repayment terms on its loans. But they denied reports coming out of Germany that Athens had floated the idea of leaving the single currency altogether.
The European commission was also at the talks at Château de Senningen, a site used by the Luxembourg government for official meetings, which involved the countries that have provided the bulk of the funds for the bailouts of Greece, Ireland and Portugal. Most of the governments from the 17-nation eurozone were kept in the dark about the talks, and said they knew nothing about the crisis negotiations. Greek media confirmed that a plane carrying the Greek finance minister, Giorgos Papaconstantinou, had landed in Luxembourg.
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