Financial Times
July 6, 2011
German politicians have started a new push for Greece’s creditors to agree to a one-off swap of their sovereign bonds for paper with longer maturities but private-sector bondholders said it would not gain traction.
Just as eurozone governments and banks appeared to be coalescing around a French-led plan for a piecemeal rollover into new 30-year bonds, Wolfgang Schäuble, German finance minister, said a rethink was needed as talks about “a quantifiable private-sector contribution . . . had produced no result”.
Mr Schäuble’s initiative was buttressed by deputy finance minister Jörg Asmussen, who told Reuters television that he supported “other options like a bond exchange”. Germany had earlier floated the idea of pushing bondholders to swap existing bonds into new ones with a seven-year maturity extension.
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