If European governments take that step, it risks heightening worries about banks and other indebted economies, further upsetting financial markets. Keeping such contagion under control means governments are also discussing how to build a firewall around Greece, for example by providing more funds to help other countries pay their debts and support their banks.
The clearest public indication that the private-sector-creditor plan could be revised came when Luxembourg Prime Minister, Jean-Claude Juncker, said the situation in Greece had changed since July 21 when the plan was hatched, and that it could be subject to "technical revisions". Mr Juncker presides over meetings of eurozone finance ministers.
Sweden's finance minister, Anders Borg, said: "It's quite obvious that Greek debt is at a very, very high level and something has to be done with it". Mr Borg told reporters: "The most important thing is to build firewalls and get the backstops in place". Sweden doesn't use the euro.
As in much of the eurozone's policymaking, the outcome will be governed largely by the currency union's major powers, Germany and France.
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