The post you are reporting:
this from the telegraph website, not looking good so far,i don't understand a lot of it maybe barry or ross could put things in lay terms?
"It's looking messy as the euro zone leaders go into lunch.
"Sherpas", top national and EU officials, have been meeting after getting a paper from last nights' Franco-German meeting at 4am. "No big new ideas like euro bonds", says one source close to the talks. "It is about bond swaps, longer maturity, lower interest rates and making what we have work."
So this is the scenario (which seems rather like a fiendishly complicated ponzi scheme to this observer):
The bank levy plan is ditched by France. The German plan of swapping Greek bonds as the current ones expire with longer, up to 30-year, low interest issues. This could raise €90bn in period up to 2019.
The deal is thought, in the European Commission version anyway, to include credit sweeteners to encourage broad private sector participation, probably some kind of euro guarantee.
ECB can live with this, reports Germany's Handelsblatt, it has been branded a "temporary default" lasting two months as eurozone bailout fund steps in with some kind of bond buy backs.
Still being discussed is how the bond buy back will work.
Hearing this: the €440bn European Financial and Stabilisation Facility will lend to Greece, which in turn will lend to banks.
The billions - up to €110bn - can be used by Greek banks to buy back bonds at current market rates, lower than original value and also to capitalise Greece's banking sector.