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Posted on: 18/Nov/2011
source: http://www.athensnews.gr/portal/11/50460
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Charles Dallara, managing director of the Institute of International Finance (IIF), said it may take more than a couple of weeks to complete debt renegotiation talks with Greece.
"End of November is an optimistic timetable. We want to move as promptly as possible," he said at the European Banking Congress on Friday.
A senior official at the Greek Public Debt Management Agency (PDMA) said on Thursday that he would expect to have at least a proposal by the end of November.
The state started negotiations with major banks early this week to write off up to 50 percent of privately held debt as part of a new, massive bailout deal agreed by Eurozone countries on October 27.
After securing a vote confidence on Wednesday, Prime Minister Lucas Papademos met with Dallara in Athens.
The meeting focused on restructuring the Greek debt and the private sector's participation.
Earlier, the IIF chief held talks with Finance Minister Evangelos Venizelos.
Before the meeting Dallara said he came “in a hopeful frame of mind, hoping we can move to implement the decisions taken in Brussels … I think we can all be hopeful with the new government in Athens."
The bailout deal would provide Greece 100bn euros in new rescue loans at lower interest from the eurozone and IMF, 30bn euros to support Greek banks, and voluntary losses for banks and other private bondholders.
The debt-reduction would involve banks swapping Greek bonds for lower-valued but safer bonds issued by the eurozone rescue fund, the EFSF. (Reuters, AMNA)
source: http://www.athensnews.gr/portal/11/50460
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