Wall Street Journal
July 13, 2011
Tentative plans for the euro zone's top leaders to meet Friday to break the deadlock on a new Greek bailout remained in doubt late Wednesday, with some officials suggesting the summit could be pushed into next week.
Euro-zone finance ministers earlier in the week appeared to shift toward a plan presented by the Institute of International Finance aimed at providing Greece with debt relief through special buyback agreements, even if this would put the country into technical default. Helping to fund those buybacks could be the European Financial Stability Facility, or EFSF, the European Union's temporary bailout fund.
This would be a departure from previous plans for further Greek assistance to come from the EU and the International Monetary Fund—plus a major contribution from private-sector creditors. Still, member states are thought still to have significant differences over the best way forward.
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