EU Finance Ministers fail to agree on Greece; Talks to resume on Monday

FXstreet.com (Barcelona) - The European finance ministers failed to reach any conclusive decision on Greece after a 10+ hours meeting in Brussels, which came to a conclusion well into the night at around 4am. Details will not be released and the press conference was canceled.

Luke Baker, Reuters bureau chief in Brussels, notes: "After more than 10 hours of meeting, German Finance Minister Schaeuble said euro zone finance ministers couldn't reach an agreement on Greece. Euro Finance Chiefs will continue talks on Monday..."

Mr. Schaeuble added: "Since the questions are so complicated we didn't come to a final agreement, so we'll meet again."

Meanwhile, IMF chief Ms. Lagarde said "Eurogroup made some progress, although more work is needed." EU's Juncker said 'technical work' still needed on Greek program, also adding he doesn't know when the next Greek disbursement will happen; finally, he told reporters "we made progress on package of steps to cut Greek debt, and we will continue on Nov. 26."

Earlier on the Asian session, Reuters was out reporting on a Eurogroup document laying out details on Greek debt, which is seen at debt to GDP of 144% in 2020, 133% in 2022, 111% in 2030, noted Mr. Baker. Current Greek debt level stands at 170% of GDP.

Bloomberg reported that target of reaching debt sustainability may be postponed to 2022. One of the measures under discussion is suspending for 10 years interest payments on loans provided to Greece by the European Financial Stability Facility (EFSF), Reuters reported citing an unnamed official.

It is thought that even combined elements "would still fail to reduce the overall debt-to-GDP ratio to 120% by 2020, the level the IMF has deemed as 'sustainable' " Bloomberg notes. Speculation is that IMF may remove itself from any Greek bailout programs if the 120% threshold can not be reached.

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