Greek debt swap negotiators depart Athens without deal
Chief negotiators for Greece's private creditors have departed Athens without a deal on a debt swap plan that is vital to avert a default, sources close to the negotiations said.
A technical team stayed in the Greek capital to work on details, and negotiations will continue over the phone, but it is unlikely a deal can be clinched before a meeting on Monday of eurozone finance ministers, the sources said.
Greek officials had expected Charles Dallara, the Institute of International Finance chief who represents the creditors, to hold meetings on Saturday but he left early in the day for Paris.
The IIF denied that Dallara and his adviser Jean Lemierre had left unexpectedly and said they had longstanding personal appointments.
more: http://www.guardian.co.uk/business/2012/jan/22/greek-debt-swap-negotiators-depart?newsfeed=true
DCBob
(24,689 posts)I thought they would certainly have made a deal before the Monday meeting. Next week will be interesting.
bemildred
(90,061 posts)An my hopes were so high that it would be different this time.
dipsydoodle
(42,239 posts)(Reuters) - Euro zone finance ministers will decide on Monday what terms of a Greek debt restructuring they are ready to accept as part of a second bailout package for Athens after negotiators for private creditors said they could not improve their offer.
http://uk.reuters.com/article/2012/01/23/uk-eurozone-ministers-idUKTRE80L10920120123
dipsydoodle
(42,239 posts)(Reuters) - Germany and France pressed on Monday for a rapid deal between Greece and its private creditors that returns its soaring debt to sustainable levels and said they remained committed to a new bailout that is needed by March to avert a disastrous default.
Euro zone finance ministers are due to decide later on Monday what terms of a Greek debt restructuring they are ready to accept as part of a second rescue for Athens.
Ahead of that meeting, French Finance Minister Francois Baroin said an elusive deal to convince the banks and investment funds that own Greek debt to accept deep losses on their holdings appeared to be "taking shape."
But his German counterpart Wolfgang Schaeuble warned that any deal must help Greece cut its debt mountain to "not much more than 120 percent of GDP" by the end of the decade, from roughly 160 percent today, something many economists believe will not be achieved by the existing plan.
http://www.reuters.com/article/2012/01/23/us-eurozone-ministers-idUSTRE80L10520120123