Greek financiers unable to reach consensus on debt reduction

Greek financiers have failed to find a common voice on reducing the country’s debt by half but still wanted to seek measures to minimize their losses. As a result, Greece seems unlikely to receive the next bailout worth 130 billion euros and remains the immediate threat to the 17-country eurozone. The country has to pay back 14.4 billion euros in maturing bonds on March 20. Greece says it can't afford to pay more than a 4.5% average coupon on the new bonds, while sovereign creditors such as Germany and the International Monetary Fund want below 4% to make sure Greece can afford it and to avoid future shortfalls. The Institute of International Finance, however, wants more than 5%. Negotiations between the Greek government and the Institute will be resumed this week.