Germany, France Pressure Greece for Swift Debt Deal

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."

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- Posted: 2012-01-23 09:50:15

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