tommy271
Forumer storico
UPDATE: Greece Eyes Post-2013 Debt Restructuring Plan - Report
(Adds detail, government comment)
ATHENS (Dow Jones)--Greece has put forward a plan to restructure its debt after 2013 that foresees lower interest payments to private creditors and would be done in coordination with other highly-indebted euro zone member state like Ireland and Portugal, Greek daily Ta Nea reports Thursday.
Without citing sources, the pro-government newspaper says that Greece has unofficially presented the plan to officials at the European Commission, the German government and the ECB. It says that the Commission has given a positive response to the proposal.
The newspaper adds that the government would not seek a discount on the face value of existing bonds nor any kind of restructuring before 2013 when its current loan agreement with the European Union and International Monetary Fund expires.
The plan calls for both a restructuring of privately held debt and also, at the same time, an extension in the repayment period of the EU and IMF loan--an idea that has already been floated publicly.
In May, Greece narrowly avoided default with the help of a EUR110 billion bailout from the EU and IMF, in exchange for tough economic reforms while also cutting its budget deficit to below 3% of gross domestic product by 2014.
But Greece continues to face high borrowing costs on international markets amid investor concerns about the country's ability to pay off its massive government debt which is expected reach 150% of gross domestic product by 2013.
To assuage those concerns, European finance ministers last month said they would consider prolonging the repayment period on their portion of the EUR110 billion loan until 2024 from 2018, with a decision expected early next year. The IMF has also supported the idea.
However, the newspaper report suggests that a renegotiation of the interest payments on existing Greek government bonds held by private investors is now being considered for the first time.
A Greek government official declined to comment on the article, saying "we do not comment on speculation."
According to the newspaper, the debt restructuring plan comes after weeks of internal discussions and after consultation with Bank of Greece Governor, George Provopoulos, and former European Central Bank Vice President Lucas Papademos, who is now acting as an adviser to the Greek government.
The paper also adds that any move to restructure the debt would be conditional on Greece first fulfilling the economic and fiscal reforms it has pledged to under its three-year loan agreement with the EU and IMF.
***
Tra le altre cose si parla sempre di ridurre il tasso cedolare, non azzerarlo del tutto.
Quindi un'operazione molto blanda ...
Qui aggiunge che l'operazione sarebbe coordinata assieme a Portogallo (?) e Irlanda.
(Adds detail, government comment)
ATHENS (Dow Jones)--Greece has put forward a plan to restructure its debt after 2013 that foresees lower interest payments to private creditors and would be done in coordination with other highly-indebted euro zone member state like Ireland and Portugal, Greek daily Ta Nea reports Thursday.
Without citing sources, the pro-government newspaper says that Greece has unofficially presented the plan to officials at the European Commission, the German government and the ECB. It says that the Commission has given a positive response to the proposal.
The newspaper adds that the government would not seek a discount on the face value of existing bonds nor any kind of restructuring before 2013 when its current loan agreement with the European Union and International Monetary Fund expires.
The plan calls for both a restructuring of privately held debt and also, at the same time, an extension in the repayment period of the EU and IMF loan--an idea that has already been floated publicly.
In May, Greece narrowly avoided default with the help of a EUR110 billion bailout from the EU and IMF, in exchange for tough economic reforms while also cutting its budget deficit to below 3% of gross domestic product by 2014.
But Greece continues to face high borrowing costs on international markets amid investor concerns about the country's ability to pay off its massive government debt which is expected reach 150% of gross domestic product by 2013.
To assuage those concerns, European finance ministers last month said they would consider prolonging the repayment period on their portion of the EUR110 billion loan until 2024 from 2018, with a decision expected early next year. The IMF has also supported the idea.
However, the newspaper report suggests that a renegotiation of the interest payments on existing Greek government bonds held by private investors is now being considered for the first time.
A Greek government official declined to comment on the article, saying "we do not comment on speculation."
According to the newspaper, the debt restructuring plan comes after weeks of internal discussions and after consultation with Bank of Greece Governor, George Provopoulos, and former European Central Bank Vice President Lucas Papademos, who is now acting as an adviser to the Greek government.
The paper also adds that any move to restructure the debt would be conditional on Greece first fulfilling the economic and fiscal reforms it has pledged to under its three-year loan agreement with the EU and IMF.
***
Tra le altre cose si parla sempre di ridurre il tasso cedolare, non azzerarlo del tutto.
Quindi un'operazione molto blanda ...
Qui aggiunge che l'operazione sarebbe coordinata assieme a Portogallo (?) e Irlanda.
.