June 27, 2011
European Union officials and bankers from across the region are meeting in Italy to discuss ways of resolving the Greek debt crisis, as the Athens parliament prepares to debate its austerity package before a critical vote later this week.
The talks will take place in Rome on Monday evening and will examine whether private creditors could agree to roll over some Greek debt. Top of the agenda will be a proposal from the French banking industry, under which borrowers would effectively write off a third of their debts.
The meeting is organised by the Institute of International Finance and comes at the start of a crunch week for Greece, and the wider eurozone. If the Athens parliament opposes the austerity bill, then Greece would probably be denied the €12bn (£10.6bn) slice of financial aid due next month, which could force it to default and trigger calamity across the financial markets. Defeat may also scupper the second bailout package, which was agreed in principle last week.
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