The French finance minister said ahead of a meeting of Eurozone finance ministers in Brussels that all the elements are in place for agreement on a new bailout loan for Greece.

Athens needs the €130bn (£110bn; $170bn) in order to avoid bankruptcy in mid-March, when a huge repayment on its governmental debt is to be made.

According to the UK Telegraph, “the German finance ministry is actively pushing for Greece to declare itself as bankrupt and to agree a “haircut” on the bulk of its debts held by banks, a move that would be classed as a default by financial markets.”

The French finance minister said ahead of a meeting of Eurozone finance ministers in Brussels that all the elements are in place for agreement on a new bailout loan for Greece.

Athens needs the €130bn (£110bn; $170bn) in order to avoid bankruptcy in mid-March, when a huge repayment on its governmental debt is to be made.

According to the UK Telegraph, “the German finance ministry is actively pushing for Greece to declare itself as bankrupt and to agree a “haircut” on the bulk of its debts held by banks, a move that would be classed as a default by financial markets.”

The report states that according to unnamed EU officials, the German Finance Minister Schauble was in disbelief over the ability of the Greek government to put its house in order amid the severity of the latest austerity measures.

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