Greek 'time-out' from euro is an option: eurozone document

[Bosonic]

Source: AFP

Eurozone finance ministers included an option for a temporary Greek exit from the euro if Athens fails to agree a bailout deal, according to a document drafted on Sunday and obtained by AFP.

If a deal is reached, Greece's bailout needs could amount to between 82 billion and 86 billion euros ($91.5-96 billion), said the document submitted to eurozone leaders at an emergency summit.

"In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring," it said. The passage was in brackets to indicate it was not unanimously approved and needs the approval of leaders.

The document was submitted later Sunday to the 19 eurozone leaders, who are hoping to reach a reform-for-bailout deal needed to keep Greece in the single currency bloc.

Read more: https://uk.finance.yahoo.com/news/greek-time-euro-option-eurozone-164749564.html

[PoliticAverse]

1. How long would they have to sit in the corner? n/t

[Bosonic]

2. 5 years

[Nye Bevan]

3. Don't be fooled, "time-out" = "exit".

Pretending that it's a "time-out" gives the lenders a semi-plausible excuse to delay writing down the debt.

[Demeter]

4. There won't be a Euro to go back to, after 5 years

The Eurozone will not save itself by jettisoning its members and its principles, or even giving them "time-outs".

The refusal to face reality has doomed the enterprise. It has failed, it was designed to fail, and the technocrats, slavishly following the ravings of its policy documents, are hell-bent on failure.

BECAUSE: no one ever described what a Winning would look like.

[davidpdx]

5. Bad...bad idea

The EU and Greece have to fix the problem instead of kicking the can down the road.