Financial Times
December 13, 2011
Greece’s new €130bn rescue package could be delayed, after talks on a voluntary haircut for private sector bondholders ended without agreement on Tuesday, according to people involved in the discussions.
Both the debt negotiations and the implementation of structural measures agreed with the European Union and International Monetary Fund are running more than a month behind schedule, despite efforts by Lucas Papademos, the new Greek premier, to accelerate the reform timetable.
Details of a deal agreed in October, in which bondholders would accept a 50 per cent haircut on the face value of their bonds, have to be wrapped up before the €80bn first tranche of new funding can be disbursed, a Greek official said.
“We expected to complete on the bonds in December, now it’s looking like February,” said one official.
In spite of indications that government negotiators were poised to postpone talks until after the holidays, Charles Dallara, head of the consortium of financial institutions negotiating with the Greek government, said bondholders hoped to resume discussion soon. Negotiators said talks could restart as early as Thursday in Paris.
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