October 4, 2011
Divisions among euro-zone members over whether to push for a bigger private-sector write-down on Greek debt widened on Tuesday, with senior officials from the bloc saying there was growing momentum behind the idea of pushing for a bigger contribution from private creditors to a second bailout package for Athens.
While some, including Spanish Finance Minister Elena Salgado, insisted there could be no changes to the bailout package agreed in July, others disagreed.
On Monday evening, Jean-Claude Juncker, president of the Eurogroup of euro-zone finance ministers, acknowledged the need for "technical revisions" to the bailout plan but didn't elaborate.
On Tuesday, two euro-zone officials involved in the talks said there is an acknowledgment among many member states that the previously agreed 21% voluntary write-down for Greek bondholders is insufficient to ensure the sustainability of Greece's debt burden. There is talk that the write-down might need to be as much as 50%, they said.
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