Eurogroup offers leaders choice of words on Grexit

The Eurogroup of finance ministers offered their leaders a choice of wording on Sunday if a deal cannot be struck on a bailout for Greece – giving Athens a “time-out” from the euro zone and possible debt writeoffs.

A four-page document from the ministers, being reviewed at a summit of euro zone leaders and seen by Reuters, concludes a long list of conditions for Greece to get a programme — most of them apparently agreed to by Athens — by offering two possible conclusions, both contained within drafters’ square brackets.

The first is that a bailout from the euro zone is approved. The second reads: “In case an agreement could not be reached, Greece should be offered swift negotiations on a time-out from the euro area, with possible debt restructuring.”

That wording closely echoes a position paper presented to the Eurogroup on Saturday by German Finance Minister Wolfgang Schaeuble.

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