Château de Senningen, Luxembourg became the meeting place for Eurozone finance ministers from Germany, France, Finland, the Netherlands and the beleaguered Greece as they secretly discussed the Greek debt problem.


The central plank to the talks it seems is the possible restructuring of the Greek debt by easing the rates and extending the term of its €110 billion bail out.

But also reportedly on the agenda is a restructuring of Ireland's debt, the second Eurozone country to succumb to a bail-out worth €67.5 billion as well as finalising Portugal's €80 billion deal.

When news of the meeting broke between the four main Eurozone creditors and the Greek Minister for Finance Giorgos Papaconstantinou, rumours That Greece was negotiating an exit from the Euro broke.

This idea was quickly quashed by all parties.

Steffen Seibert, Angela Merkel's spokesperson, is quoted in the Guardian as saying that this was a prearranged meeting. "There is a meeting of some finance ministers that has long been planned. Greece exiting the eurozone is not on the agenda of that meeting, and it has never been" he said.

Greek officials just said that any idea of Greece leaving the Euro was a 'joke'.

Spiegel Online however quotes German government sources as saying that Greece would leave the Eurozone unless it was allowed to restructure the debt.

The Greeks called Spiegel's claims as "completely untrue and … provocative".

What may also be on the agenda is the replacement of Jean-Claude Trichet as president of the European Central bank according to the Telegraph. Angela Merkel is opposed to the Italian head of the Financial Stability Board succeeding him.

But the Eurozone has what seems to be a bit of a unique problem, in that it arguably needs the debtor nations more than they need it. So a restructuring of the debt, even if it costs the others in the long run, would be the politically favourite route.

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