France Discusses Greek Debt With Banks

Wall Street Journal
June 22, 2011

The French government met with the country's banks Wednesday to discuss a voluntary rollover of Greece's sovereign debt, French officials said, as the country moved to involve the private sector in the next Greek financial support package.

Any private sector involvement in a Greek debt rollover would be voluntary, an official said. But he said: "It's clear that all financial institutions have an interest in the stability of the euro zone and Greece."

At a meeting Sunday and Monday, euro-area finance ministers agreed that a new bailout for Greece would include "informal and voluntary" arrangements with creditors that would produce a "substantial reduction" in the amount of new funding necessary but without casting Greece into default. The ministers aim to have a plan by July 3.

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