January 12, 2012
Greece's talks with private-sector creditors on a debt write-down are entering their final stage, but key areas remain unresolved, representatives of private-sector creditors participating in the talks and Greek officials said Thursday.
The talks, which are to resume Friday, come as data showed Greece's deficit widened in 2011, raising new obstacles to a proposed €130 billion ($165 billion) bailout for the country. How to close the gap will be one of the topics discussed at a separate round of talks next week.
Greece's European partners agreed in late October to cover the country's budget deficits over the next three years, but insisted that private creditors share the pain by writing off half the debt Greece owes them. That debt restructuring would slice roughly €100 billion off Greece's total public debt, now estimated at around €360 billion, and would save the government roughly €5 billion a year in debt-servicing costs.
Those talks are now in an advanced phase, and government officials said the outlines of a final deal could come as early as next week.
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