Varoufakis arrives (late) at Eurogroup meeting to discuss Greece

FXStreet (London) - Greek Finance Minister Yanis Varoufakis has now arrived at the Eurogroup meeting in Brussels, arriving late for the 2:30 GMT start. The discussions focussed on Greece’s continuing membership of the Eurozone and the newly-formed Greek government’s demands for significant haircuts on their existing debts as well as the pressing need for short-term credit service payments are set to commence at 4:30 GMT.

Writing in a New York Times op-ed this morning, Varoufakis said that: “As finance minister of a small, fiscally stressed nation lacking its own central bank and seen by many of our partners as a problem debtor,” adding: “I am convinced that we have one option only: to shun any temptation to treat this pivotal moment as an experiment in strategizing and, instead, to present honestly the facts concerning Greece’s social economy, table our proposals for regrowing Greece, explain why these are in Europe’s interest, and reveal the red lines beyond which logic and duty prevent us from going.”