Greek withdrawal from the eurozone

The Greek government has cast light on some of the reforms it has drafted in return of agreeing to a bailout extension.

Greece was allowed to put forward its own list of reforms after a Eurogroup meeting on Friday at which finance ministers decided to extend the current program.

Deutsche Bank has circulated a chart describing the five necessary steps in order for Greece to avoid an exit from the Eurozone, the financial markets' "bogeyman" known as "Grexit".

-The first step is a short-term bailout extension, or "loan agreement" extension, as Athens prefers to call it.

Jevons Global founder and CIO Kingsley Jones point blank told CNBC on Monday that the Greek debt “is not repayable in this lifetime”.

“We have to be realistic here. Greek debt is now 175 percent of gross domestic product (GDP); it’s higher than it was when this whole business first started,” he emphasized.

Greece's new anti-austerity government submitted a preliminary list of reform proposals to Brussels on Feb. 23 in a bid to secure a four-month extension to its lifeline debt bailout, a European source said.

It lasted three weeks and it was tough. Perhaps it was the first time that Greeks witnessed such a "David and Goliath" type of battle unraveling in front of their eyes. A battle of mistrust, where most tactics were used; the humiliation of the opponent, wearing out his stamina, hitting below the belt, twisting arms and pushing to the farthest corner, just before the brink.

By Xenia Kounalaki

European politicians may be poring over the details of the rescue program but a small business on the other side of the Atlantic sees their customers multiplying, since their service is actually called “Grexit”.

Based in Palo Alto, California, a tech company called Grexit has seen an important “rise” in traffic to their website.

Austrian FinMin Hans Jörg Schelling stated that the deal between Europe and Greece brings about good solutions and pushes away possibilities of a “Grexit”.

David Goodman

Greece?s government bonds posted their first weekly drop this month as the nation negotiated with its euro- area creditors on its future financing plans.

Finance ministers from the 19 eurozone member states were discussing a potential four-month extension for Greece's bailout programme at an emergency meeting in Brussels on Friday night.

The WSJ quoted a Greek official as saying there was "broad consensus" on a common statement by finance ministers.