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Euro zone agrees to pursue Greek debt rollover plan
June 20, 2011, Monday
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EURO zone finance ministers agreed today that they would seek voluntary rollover of Greek debt by private bondholders to finance a substantial part of Greek funding needs in coming years.
The agreement means a German idea of Greek bond swaps has been dropped.
"Ministers agreed that the required additional funding will be financed through both official and private sources and welcome the pursuit of voluntary private sector involvement in the form of informal and voluntary roll-overs of existing Greek debt at maturity for a substantial reduction of the required year-by-year funding within the program, while avoiding a selective default for Greece," the ministers said in a statement after a meeting in Luxembourg.
The ministers noted, however, that Greek debt would only be sustainable if Athens delivered on its fiscal consolidation plans, raised 50 billion euros (US$72 billion) from privatization until 2015, and implemented structural reforms.
They said the disbursement of the next, 12 billion euro tranche of emergency funding to Greece would take place by mid-July, if the Greek parliament passed key laws on the fiscal strategy and privatization.
The agreement means a German idea of Greek bond swaps has been dropped.
"Ministers agreed that the required additional funding will be financed through both official and private sources and welcome the pursuit of voluntary private sector involvement in the form of informal and voluntary roll-overs of existing Greek debt at maturity for a substantial reduction of the required year-by-year funding within the program, while avoiding a selective default for Greece," the ministers said in a statement after a meeting in Luxembourg.
The ministers noted, however, that Greek debt would only be sustainable if Athens delivered on its fiscal consolidation plans, raised 50 billion euros (US$72 billion) from privatization until 2015, and implemented structural reforms.
They said the disbursement of the next, 12 billion euro tranche of emergency funding to Greece would take place by mid-July, if the Greek parliament passed key laws on the fiscal strategy and privatization.
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