Talks to finalise the terms of the next Greek austerity programme have been postponed until today; Kathimerini has the outlines of a deal of €2.5bn: €1.1bn in health care cuts and further cuts in public investments; €850m are still to be agreed; minimum wage is cut by 20-20%, and labour regulation is relaxed; 15,000 administrative workers will lose their jobs;as part of a plan to reduce state employment by 150,000; Germany and France also propose the creation of an escrow account, earmarked for bond repayments, so that they can withhold future funds from Greece without triggering a default; Paul Krugman says the required Greek adjustment is too extreme, and cannot conceivably work; Angela Merkel and Nicolas Sarkozy criticise Francois Hollande's threat not to respect the fiscal treaty; Arnaud Leparmentier says Sarkozy wrongly pretends that he is leading Europe, while Merkel wrongly pretends the opposite; Bild explains to its readers why Sarkozy admires Merkel so much; Germany's SPD decided to campaign in favour of Hollande;the French current account deficit reaches 3.6% in 2011; the SPD is going to run the 2013 election campaign with an anti-finance agenda; Jean Pisani-Ferry says eurozone fiscal strategy might work, but requires a measured implementation of fiscal targets, and significant monetary policy support; Joseph Stiglitz accuses the ECB of pandering towards vested interests.