The Minister of Finances Yanis Varoufakis claimed stated on Monday evening that he was happy to sign and agree to a draft which the European Commissioner Pierre Moscovici presented to him, but ultimately this draft was withdrawn.

Mr. Varoufakis claimed that the draft spoke of extending the loan contract (not the program), which would result in a four-month intermediary, transitional stage, before a new program – focused on growth – could be designed. This draft also included the provision of technical assistance from the Commission to expedite reforms.

According to a Reuters report though, which cited an EU officer, the European Commission was mere contributing ideas to a discussion with Mr. Varoufakis. The Financial Times’ Peter Spiegel claimed that there was no significant difference between the two drafts and even claimed that the Moscovici draft did not even exist. The Greek government however claims to have a copy of the draft.