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Jean-Claude Juncker, the Luxembourg prime minister who chairs the eurogroup, said the delay of the scheduled meeting had been prompted by the continued failure of Greece’s political leaders to commit to the bailout’s tough terms after April elections.
But a group of eurozone governments, particularly those that retain triple-A credit ratings, has lost faith Greece will ever deliver its end of the bargain. Hardline officials in Germany, the Netherlands and Finland are increasingly urging a Greek default.
“We are getting closer to default”, said a senior eurozone official. “Germany, Finland and the Netherlands are losing patience.”
One key reason for the increasing boldness in northern Europe is a growing belief that the EU can contain the blowback from a disorderly default, having built up the eurozone’s financial “firewalls” against contagion. Some officials also believe financial markets have priced in a default, meaning any adverse reaction will be limited.
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