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Bailout talks delayed as Greece fails to meet conditions

Talks on further Greek bailout money have been delayed by the Eurogroup of EU finance ministers as Greece fails to meet budget conditions.

Mario Draghi at Davos

ECB chief says bond markets are overestimating the risk attached to many euro zone countries' sovereign debt

An interesting week in the euro zone crisis is over. Most of the important players made it to Davos so nothing definitive was being decided. As I wrote yesterday, Davos isn't a place where policy is made.

It's clear it has been a week where the center held and the sense that a corner has been turned continued to frame the week's activities. Even Greece and her creditors inability to reach final agreement on debt reduction hasn't ruffled feathers.


Greek debt talks: European economic daily round-up

Greek debt talks, IMF's Lagarde talks, financial markets talk

The Greek debt talks continued today. The sticking point remains the rate of interest bondholders will be paid on new issues of Greek sovereign debt. The idea is they will exchange their current bonds for new ones that are at least 50 percent less in face value. (Friday I saw speculation that they might be worth between 65 and 70 percent less.)

When you take that big a haircut now, you want something sweet to look forward to down the road. The Greek government doesn't want to give what's left of its future away to high interest rates on these new bonds. We'll see.

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