(translated from German)The financial situation of Greece is much more dramatic than the euro finance ministers thought. Athens has at least 252 billion euros in emergency loans from the other euro-zone in order to avert bankruptcy, in the worst scenario, even 444 billion euros. Thus, the European emergency fund for weak euro countries at once empty.
The only alternative is to a large part of the Greek debt remission. The bill will arrive at the banks, pension funds and insurers to lie, that the Greek debt in their hands. In July, accepted the banks losses on their Greek bonds 21 percent, it should now be increased to at least 50 percent. special emergency meeting , the finance ministers meet today in a special emergency meeting of the continued explosive figures for Greece. Who are in "strictly confidential" report from the European Central Bank (ECB), International Monetary Fund (IMF) and the European Commission. The report shows that all the lights in Greece in deep red. The economy is shrinking faster than expected, the cuts are not out of the paint, the planned privatization either. As a result, threatens the national debt over the next two years increasing to 186 percent of the gross national product. In 2030, the debt is still 130 per cent, more than twice the maximum allowable standard for euro countries. Debt relief is the only way, according to the report, while the ECB will differ somewhat distancing. Without forgiveness, the other euro countries are much more on the table than 109 billion euros in July which they already decided. That amount is then at least doubled, possibly tripled. Extensive debt according to diplomats in Brussels, the report's minds prepared to receive a profound debt to Greece. "The question is not either, but how much of that debt mountain is," says one of them. Germany and the Netherlands and the IMF are here strong for some time. France stood on the brakes - many Greek debt is held by French banks - but now see that there is no other option. If selected for a write-down by 60 percentage points, the contribution of the euro countries is limited to the previously committed 109 billion euros. With a 50 percent devaluation of the countries 113.5 billion on the table. A solution of the Greek debt crisis is part of the comprehensive response to the crisis that the government euro agreement in principle on a Sunday night hoping to achieve. Other problems therein a strengthening of the European emergency fund for weak euro countries. Final decisions on the overall approach to the crisis are just one more summit on Wednesday