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European finance ministers hold a secret meeting in Luxembourg, and reach consensus to put up another Greek rescue programme; current programme is regarded as having failed, with no chance of a return to capital markets in 2012; Der Spiegel reported the news of this meeting on Friday night, along with the story that Greece was planning to exit from the eurozone; this part of the story was vigorously denied by everybody; euro continues to fall on these developments; Wolfgang Münchau writes that the failure to organise a secret meeting is symbolic of the eurozone's collective action problem: the present setup is not sustainable; Juan Igancio Crespo writes that a Greek exit from the eurozone would give rise to a catastrophic financial crisis; Holger Stelzner writes that the EU and the IMF have no way to exert pressure on Greece if they explicitly rule out a debt restructuring; Hugo Müller Vogg says it is better to pay the one-time costs for a Greek exit than to pay the permanent price for Greece remaining in the eurozone; Handelsblatt and FT Deutschland support a new Greek plan; Portugal's PSD proposes radical supply side reforms, including drastic tax cuts for companies; Morgan Kelly proposes an Irish default on the banking system - and the ECB; Nicolas Barre warns that France might slip into a similar position than the peripheral countries; Angela Merkel, meanwhile, is getting increasingly desperate about Mario Draghi - now she wants him at the IMF.
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