Overnight, the Eurogroup meeting ended without an agreement on Greece. The water between official creditors is still too deep and they will reconvene next Monday. Ahead of the meeting, Greece fulfilled all prior actions so it was really up to Europe. Several options were on the table but a final consensus wasn’t reached. Debt relief (by the official sector) or throwing extra money to Greece is still an absolute no go (for now) for Europe, so they are scrambling to find all sorts of technical measures (lowering interest rates, extending maturities…). Also the debt sustainability issue isn’t solved yet, although Europe tried to charm the IMF by promising that the debt to GDP ratio would fall below 120% by 2022 (the IMF sticks to 120% of GDP by 2020). In a statement, Juncker said they interrupted the meeting to allow for further technical work on some elements of the package. The failure (again) to agree a deal for Greece is a negative for sentiment on EMU bond markets today.