July 5, 2011
International banks and insurers will meet on Wednesday to thrash out a plan for the private sector to contribute to Greece's bailout effort as fears grow that the proposal will be derailed.
The Institute of International Finance (IIF) lobby group said it will chair the meeting of private-sector creditors.
It needs to resolve how a deal can get past credit rating agencies without it being termed a default, and how accountants will deal with it.
A lot of work remains to be done and Wednesday's meeting will not be decisive, several sources said.
"It's a process. The new French finance minister said today it will take weeks, over the summer. It's complex. It can't be settled overnight," a French private sector source involved in the talks said.
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