January 12, 2012
Greece and its private-sector creditors are involved in a race against time to finalise a debt writedown deal over the next 48 hours that will prevent the troubled country from defaulting on its massive debts.
The body negotiating on behalf of investors is adopting a tough stance amid concerns that a breakdown in the talks would result in Greece failing to secure the next tranche of its bailout cash from the European Union, the European Central Bank and the International Monetary Fund.
Charles Dallara, who heads the Washington-based International Institute of Finance, which is acting on behalf of private investors, said "some key areas remained unresolved" after a two-hour meeting with Greece's finance minister Evangelos Venizelos.
"Discussion will continue in Athens [on Friday] but time for reaching an agreement is running short," Dallara said in a statement.
"It is essential in order to finalise the voluntary agreement that support be given by all official parties in the days ahead."
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