After failing to reach and agreement on Greek debt Merkel has issued a statement where she is confident there will be a deal reached next Monday. The failure to reduce the debt Greece owes to 120 percent of GDP would require some members to take a haircut on their loans. The IMF, ECB and European finance ministers failed to agree in a 12 hour meeting in Brussels. The main division between lenders were Greek debt sustainability and reducing its deficit. The new level is the one suggested by the IMF as sustainable, but some nations have in the past commented that reducing debt would be illegal given how the process was ... (full story)