Greece: EU bail-out plan could include default option

11th July 2011

The Financial Times reported that the proposls would be discussed at a Brussels meeting of eurozone finance ministers on Monday (11 July) and could also include new concessions by Greece's European lenders to further lower interest rates on bail-out loans and a broad-based bond buyback programme.

It also marks the possible abandonment of a French-backed plan for banks to roll-over their Greek debt.

"The basic goal is to reduce the debt burden of Greece both through actions of the private sector and the public sector," one senior European official told the FT.

Read more:

On Mindful Money: Will the ratings agencies wreck Greek bail out?

On EU shifts stance on Greek default

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