The euro area finance ministers today will discuss the developments in Greek talks with the private sector bond holders, especially as talks continued over the weekend and according to the IIF lenders reached the end of the line in what they are willing to offer where they are estimated to endure the real impact of 60-70% loss on their Greek bonds.

The finance ministers which will be joined by their EU partners on Tuesday and continue the discussions over the fiscal pact ahead of the EU summit next weekend, where the leaders are pressing for progress on the matter and rapid deployment of the changes to ensure that they contain the debt crisis and move swiftly to safety by safeguarding vulnerable nations.

Discussions should also take place on the ESM and the time and capacity of deploying the mechanism, especially as the market is eager to see developments especially after Germany's Angela Merkel downplayed her objection to the matter.