Bloomberg
July 16, 2011
Wolfgang Franz, head of German Chancellor Angela Merkel’s council of economic advisers, said it’s “unavoidable” that investors in Greek debt will have to forfeit some repayments and interest, Focus magazine reported, citing an interview.
Investors could swap Greek debt for discounted bonds issued and guaranteed by the European Financial Stability Facility, Focus cited Franz as saying.
Banks and insurers would get AAA-rated securities in exchange for their Greek holdings, Franz told the magazine. He added that the European Union would have to discuss making the same offer to Portugal and Ireland.
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