Greece close to deal
Source: Agencies |
January 29, 2012, Sunday
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Print Edition
Print Edition
GREECE and its private creditors head back to the negotiating table to put together the final pieces of a long-awaited debt swap agreement needed to avert an unruly default.
After weeks of muddling through inconclusive talks, the negotiations appear to be in their final phase, with both sides hoping to secure a preliminary deal before Monday's European Union summit. The debt swap, in which private creditors are to take a 50 percent cut in the nominal value of their Greek bond holdings, is a prerequisite to secure a 130-billion-euro rescue package.
After weeks of muddling through inconclusive talks, the negotiations appear to be in their final phase, with both sides hoping to secure a preliminary deal before Monday's European Union summit. The debt swap, in which private creditors are to take a 50 percent cut in the nominal value of their Greek bond holdings, is a prerequisite to secure a 130-billion-euro rescue package.
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