They cannot agree on the amount of the haircut…

The last hours record an absolute mess regarding whether European leaders can finally come to a fundamental agreement for managing the ongoing debt crisis.

The latest information carried by international news agencies refers to the serious possibility that the exact percentage of the Greek debt haircut might not be announced even after the Wednesday summit.

The Reuters agency relies on statements by European officials, while the cancellation of tomorrow's Ecofin meeting has already been announced. The same fate awaits the Eurogroup as well, and rumors say that even the meeting of EU political leaders might also be postponed.

Agencies attribute the viewpoint that "European leaders are not yet ready to announce the exact amount of the haircut for Greek debt holders," to senior European officials. However, everyone believes that the haircut will range from 50% to 60%. The main reason for this grim development is the strong refusal of many banks (private bondholders) to accept such a haircut on the grounds that their losses from such a large depreciation of the Greek debt will not be manageable.

At the same time, Eurogroup president Jean-Claude Juncker emphasized a new intervention whereby the haircut of Greek bonds "may be close to 50%" and in any case "bigger than that provided for under the Agreement of July 21."

In the same statements to Reuters agency, Juncker urged everybody to avoid a credit event or a Greek bankruptcy at all costs and asserted that no country will be driven out of the euro.