July 1, 2011
International banks and insurers attempted to paper over major cracks in a proposed Greek debt rollover on Friday, saying there was broad support to reinvest in the country.
A show of unity in the form of a statement from the Institute of International Finance (IIF) lobby group came ahead of weekend talks among euro zone finance ministers and fears the private sector will fall short of the 30 billion euro target for them to contribute to the bailout effort.
A small number of options were being discussed, the IIF said, with the aim of providing "substantial cash-flow support to Greece" and lay the basis for a more sustainable debt position.
"The private financial community is ready to engage in a voluntary, cooperative, transparent and broad-based effort to support Greece," the IIF said in a statement.
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