Financial Times
January 27, 2012
Olli Rehn, European commissioner responsible for economic and monetary affairs, said on Friday that talks with representatives of holders of some €200bn of Greek bonds were close to a deal.
Speaking on a panel with the French and German Finance ministers at the World Economic Forum in Davos, Mr Rehn said: “We’re just about to close a deal on private sector involvement between the Greek government and the private-sector community. Preferably, still in January rather than February.”
Greek premier Lucas Papademos and finance minister Evangelos Venizelos held talks on Thursday night on an updated debt restructuring proposal, amid rising optimism that a deal could be reached ahead of Monday’s European Union summit.
According to people with knowledge of the proposal, the co-heads of the bondholders’ committee negotiating with Greece, Charles Dallara and Jean Lemierre, could make concessions on interest rates for new bonds that would mean higher losses for private investors, but which could be recouped if the country returns to strong growth.
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