Greece is facing a day of reckoning

Greek flag cloudsREUTERS/Yannis BehrakisGreek parliament employees raise a mast after they replaced torn-off Greek flag with a new one atop the parliament in Athens Syntagma (Constitution) square April 18, 2012.

All of the eurozone’s finance minister’s meet today, with just one subject in mind: Greece.

The extraordinary meeting of the Eurogroup (the body of finance ministers) was called last week. It’s become clear that the Greek government will not agree to an extension of the country’s bailout, and will effectively run out of cash in the near future if nothing is done.

Greek finance minister Yanis Varoufakis wants the ministers to agree to a bridging loan for the country. That would tide Athens’ finances over for a few months, while the radical new government tries to negotiate a wider deal on Greece’s debt and austerity measures.

Since 2010, Greece’s governments have been bound by the Memorandum of Understanding signed in 2010, which approved the country’s bailout. That’s kept the cash flowing, but it’s also guaranteed massive austerity measures, privatisations and other reforms. Many ordinary Greeks blame their grim economic situation on this deal.

Here are the lines we’ve had from the meeting already:

Any major lines out today that suggest reluctance or willingness to embrace some sort of deal have the potential to massively move markets today.

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