Reuters
December 13, 2011
A deal to restructure Greek bonds could see banks rank on an equal footing with official euro zone lenders to the country under a plan being discussed, one of the lead negotiators said on Tuesday.
That was the key part of talks between Greece and private bondholders on a debt swap on Tuesday, which made progress but ended without agreement.
It could see private sector creditors rank "pari passu" with the claims of the EFSF euro zone bailout fund and sovereign creditors, with coupons on the new bonds paid to banks and other investors at the same time as interest payment on loans.
"We've made progress, but there are a number of remaining unresolved issues that will require much further effort by all parties if we're to find common ground," Charles Dallara, head of the Institute of International Finance (IIF), told Reuters by telephone.
Talks were likely to restart in Paris on Thursday or Friday, he said.
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