January 13, 2012
Talks between Greece and private sector creditors over a restructuring of the country’s crushing debt paused on Friday amid a continuing disagreement over how much of a loss banks and investors should take on their holdings.
In a statement, Charles Dallara of the Institute for International Finance, the bank lobby that represents private sector bond holders, said that discussions had “not produced a constructive consolidated response by all parties, consistent with a voluntary exchange of Greek sovereign debt.”
The statement came at the conclusion of talks between Mr. Dallara and the Greek finance minister, Evangelos Venizelos, in Athens on Friday.
While people involved in the talks described it as a negotiating tactic, the disagreement is a reminder of how wide the gap remains between the two sides, even after months of discussions, and underscores how close Greece is to defaulting on its debt.
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