Ian Traynor and Helena Smith
May 9, 2011

The euro zone’s first bailout of a debt-laden member country is failing and needs to be renegotiated just a year after the €110 billion ($147 billion) rescue package was agreed for Greece.

After secret talks in Luxembourg on Friday between Athens and key EU players, it emerged that Greece will not be able to meet the terms of last year’s rescue and is hoping to ask the euro zone for more.

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As Britain made clear it did not want to offer any more support for Greece as part of an EU package or a bilateral loan, investors remained unconvinced of the ability of Athens to sustain its €340 billion debt.

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