Financial Times
June 27, 2011
French banks have agreed on a plan to a Greek debt rollover, which would see them reinvest in Greek sovereign bonds with longer maturities, Nicolas Sarkozy, French president, confirmed on Monday.
The idea has been submitted by French banks to European creditors and was discussed at a meeting in Rome on Monday of the Institute of International Finance, a grouping of banks and other financial institutions.
Charles Dallara, managing director of the IIF, which represents more than 400 of the worlds’ biggest lenders, was attending the talks along with major creditors, including French banks and European Union officials.
The Rome meeting ended in the early afternoon but no final decision was taken, said an official, who asked not to be identified. “It was an informal exchange of views,” the official said. About 30 people attended the discussions, including representatives of major European banks with the largest exposures to Greek debt.
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