Euro zone mulls Greek debt buy-back up to 40 billion euros |
| Reuters - Nov 23, 2012 |
Euro zone finance ministers are considering allowing Athens to buy back up to 40 billion euros of its own bonds at a discount as one of a number of measures to cut Greek debt to 120 percent of GDP within the next eight years.
Going into the second ministerial meeting in successive weeks, Jean-Claude Juncker, the chairman of the group, was cautiously optimistic that a deal would be struck.
"We must still reach an understanding on several details and I would expect that the chances are good that we will come to a final and joint solution this evening," he told reporters. "But I'm not entirely certain."
That caution reflects the complex options being discussed, ongoing political differences and the sheer scale of reducing Greece's debt mountain.
Under a proposal discussed by ministers, Greece would offer private-sector bondholders around 30 cents for every euro of Greek debt they hold, allowing Athens to pay down some of its vast outstanding obligations, a senior official involved in the discussions told Reuters.
Read Full Article from Reuters
- Posted: 2012-11-23 15:37:08
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