Reuters
January 21, 2012
Greece and its creditors are continuing negotiations on a debt swap on Saturday after late-night talks edged them closer to a vital deal but failed to clinch an agreement.
Athens is anxious to strike a deal before a meeting on Monday of euro zone finance ministers, just in time to set in motion the paperwork and approvals necessary to receive a new injection of aid to avoid a messy bankruptcy in March.
"The elements of an unprecedented voluntary PSI are coming into place," the Institute of International Finance said in a statement after Friday's three-hour evening negotiation session, referring to the bond swap scheme.
"Now is the time to act decisively and seize the opportunity to finalize this historic deal and contribute to the economic stability of Greece, the euro area and the world economy."
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