Reuters
July 12, 2011
Euro zone countries and the IMF need to show they can deliver a rescue plan for Greece, including a debt buyback, in coming days to avoid financial markets "spinning out of control," a bank lobby group said.
The Institute of International Finance (IIF), which is leading negotiations on behalf of banks and insurers with billions of euros of exposure to Greek bonds, made the warning in a draft paper delivered to European finance ministers, dated July 10 and seen by Reuters.
"It is essential that euro area member states and the IMF act in the coming days to avoid market developments spinning out of control and risk contagion accelerating," the paper said.
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