Greece: decisive meeting of the euro area on an unprecedented

Finance ministers from the euro zone must decide Monday the fate of Greece in principle by giving the green light to an unprecedented amount of assistance to prevent the country from falling into bankruptcy.
They will meet from 3: 30 p. m. (1430 GMT) in Brussels to consider whether the conditions exist to allocate a new rescue plan in Athens, including state aid of 130 billion euros and partial clearing of the debt held by private creditors, amounting to 100 billion euros.
This meeting will take place in a climate emergency while Greece has to repay 14. 5 billion euros by March 20 and will otherwise suffer a default, much larger than that of Argentina ago ten years.
To avoid a nightmare scenario, in terms of debt relief is to be launched by Wednesday, knowing that the operation should take several weeks.
But the leader of Finance Ministers of the euro zone Jean-Claude Juncker ruled Friday "wise, judicious and advisable" to put "agreement (Monday) on the contours of the second program, " in addition to the plan for reduce debt held by banks is on track.
After many twists and turns, seems to have cleared up the situation: several voices in the eurozone, including that of German Chancellor Angela Merkel, have suggested in recent days that the outcome of the meeting would be positive.
For his part, Prime Minister of Greece Lucas Papademos was in Brussels on Sunday and could attend the Eurogroup meeting Monday, according to a European source.
Several unknowns remain: in addition the reluctance of some countries to untie the cords of the Exchange to Athens, we must also solve some equations.
A report of the main backers of Greece (Troika) revealed that the rescue plan would not reduce government debt as much as expected. A gap that will have to fill. It is to this task were drawn by officials of the euro area in Brussels Sunday, but nothing has filtered the content of their exchanges.
Another project: an extension of states of the euro area seems necessary given the deteriorating economic situation in Greece in recent months. Almost 5. 5 billion euros of additional needs were identified, but this amount may be revalued upward, it would just cringe within the monetary union.
Some of these issues could be addressed again by ten days, when there will be a European summit (March 1-2) who must try to turn the page of the debt crisis, endorsing a new treaty to strengthen budgetary discipline. The leaders of the only euro zone must meet for their March 2 in the wake of the summit of the 27.