Wednesday, December 21, 2011

Athens Is Close to Deal With Creditors

Wall Street Journal
December 21, 2011

Greece is close to an agreement with its private-sector creditors to restructure the country's debt, Finance Minister Evangelos Venizelos said.

"We are close to a deal; I believe that, because I have personal knowledge of the negotiations... and I know it is doable," he told a gathering of business and labor leaders Tuesday.

If an agreement is reached, about €200 billion ($260 billion) of debt held by private investors will be cut in half and save Greece some €5 billion a year in debt-servicing costs.

Recent media reports have described the talks as advancing after the two sides reached a deal to apply U.K. law to new bonds issued by the Greek government, and agreed on other details.


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