Bloomberg
December 13, 2011
Greece made new proposals on the structure of a debt swap agreement with private creditors, while disagreement remains on key issues, according to a person on the lenders’ negotiating committee.
Under one proposal, Greece would give 15 cents in cash and 35 cents in new bonds for every euro of existing debt that will be swapped, said the person, who declined to be identified because the discussions are private.
Greece also agreed in principle to try to give private creditors seniority equal to official lenders such as the International Monetary Fund and the European Union, though it’s not clear whether that would be legally permissible, the person said. Agreement hasn’t been reached on the maturity of the new bonds or their coupon, which are crucial to determining the net present value loss the debt holders will face, the person said.
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