The Greece collapses every day in the crisis

The time is more heartbreak and clashes between European chanceries. The Greece collapses every day in the crisis. The informal meeting of Finance Ministers of the eurozone which was held yesterday in Brussels was to "examine the various options" to help Athens to "to approach as possible to a conclusion the week next to the Luxembourg", explained Jean-Claude Juncker, the President of the Eurogroup. In the meantime, the European Commissioner for economic and Monetary Affairs, Olli Rehn, called for more "verbal discipline". Monday, & Standard Poor's further downgraded Greek debt to CCC, just two notches above the score default of payment. The Greek budgetary situation continued to deteriorate. On the five first months of the year, the deficit came to 10.3 billion EUR, or 1.2 billion more than the registered purpose in the Act of finance 2011. Electrified this descent to the Underworld takes place in a political and social climate, while the Government, which has a parliamentary majority reduced to 5 members on 300 elected, has not yet received the green light from Parliament to the new austerity measures. Today, the country endures its third general strike since the beginning of the year. Commissioner Olli Rehn stated yesterday morning that Europeans "are not as far a common solution that some believe". While admitting that there are still divisions on the solution to retain. All exclude restructuring solution, but there is dispute on the type of participation of the private sector to the rescue of the Greece. Olli Rehn assured that Brussels is ready to consider solutions that include the extension of debt maturities, as the wish to the Germans. Yesterday in Brussels, their Finance Minister, Wolfgang Schäuble, reiterated that the Germany was ready to help again the Greece against a "substantial" participation of creditors to the rescue of Athens, "voluntarily" exchanging their securities against securities of longer maturity. This volunteer was still yesterday of many vague statements. On one hand, Dutch Finance Minister proclaimed its parliamentarians that 30 of private sector participation will be one minimum of one, his Belgian counterpart reminded that volunteering, essential and only imaginable, could not agree on the basis of a maintenance of positions, while the Austrian Minister wondered how to involve the private creditors on a single call to volunteerism. On the monetary authorities, positions are also shades. Christian Noyer, Governor of the Bank of France, repeated yesterday that any voluntary work, which could be interpreted as a beginning of "default", would result in the need to finance "any Greek economy". The President of the Bundesbank, Jens Weidmann, considered him a rescheduling is possible provided that it is voluntary. Everyone fears the sanction of financial agencies and to especially avoid that Isda, international association of the supporters of over-the-counter markets which that "credit default swaps" (insurance against cessation of payments), likened the approach to an accident of credit report. "A compromise is possible around an agreement with private creditors to cover the payment deadlines 2012," said Jacques Cailloux, Chief Economist at Royal Bank of Scotland.