Greek Talks

Running Out of Time

Schäuble Karikatur
A caricature of the German Finance Minister Wolfgang Schäuble in a publication close to the left-leaning Syriza party. The heading reads: "The negotiation has begun.” Mr. Schäuble is dressed as a Nazi and says: "We insist on making soap out of your fat” and “We are discussing (making) fertilizer from your ashes”.
  • Why it matters

    Why it matters

    If Greece fails to reach a deal with its creditors by the end of this month, it will run out of money and may have to leave the euro zone.

  • Facts

    Facts

    • The 19 finance ministers of the euro zone will meet on Monday afternoon to discuss the options to keep funding Greece.
    • Greece might receive a new bailout program, using the unused billions of euros of the existing €240 billion package, an E.U. source told Handelsblatt.
    • The German finance minister, Wolfgang Schäuble, is skeptical a deal will be reached on Monday, he told a German broadcaster.
  • Audio

    Audio

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The euro zone finance ministers, including Germany’s Wolfgang Schäuble, will begin a high-stakes meeting later Monday to discuss the options for Greece before its €240 billion aid program runs out at the end of the month.

Without a new bailout program or an extension of the existing one, Greece could run out of money within months and in a worst case  scenario be forced to leave the 19-nation euro zone and reintroduce a national currency. Its banks, which have already seen billions of euros in capital leave the country, may see emergency funding from the European Central Bank cut off as early as March.

The euro zone countries, which have furnished Greece with most of its loans since 2010, are open to a new bailout program instead of extending the current one, a high-ranking European Union diplomat told Handelsblatt. German officials still favor an extension, according to government sources.

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