The terms of Greece’s bailout package are under review after it was determined that the current repayment conditions are unrealistic.
The Financial Times reports that in a meeting in Luxembourg held over the weekend, European officials acknowledged Greece would be unable to raise the repayments required as part of the £96.7 billion bailout package.
Greece needs to raise between £22 billion and £31 billion by next year if it is to meet debt repayments leading to speculation that Greece will require further financial assistance.
It has been reported that the European Finance Stability Fund may choose to buy up Greek debt as a means of support.
Rumours surround the meeting, include the possibility that Greece may secede from the eurozone altogether. The claim appeared in German newspaper Deer Spiegel and has been strongly denied by Greek authorities.