Eurogroup leader Dijsselbloem disappointed after Greek talks, euro falls
Dijsselbloem said the reaction of Eurozone ministers was slight disappointment after talks with Greece broke down but he also characterized them as 'preparatory' talks aimed at finding common ground.
The eurogroup agrees that the best way forward is for Greece to seek an extension of the bailout but it's easy to see why Greece is pushing back. Dijsselbloem said an extension would mean no roll-back of reforms unless agreed by Eurozone ministers.
That's a bit of a 'take it or leave it' offer. The tough stance was echoed by Malta's finance minister who said that if Greece doesn't request an extension "that would be it; it would be a disaster."
Greece's financing needs are critical until Feb 28 but Dijsselbloem moved that forward, saying a request must be made by Friday, no later.
The euro is down about 90 pips since strains first appeared at the meeting two hours ago and has yet to find a base.
