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Banks inch toward 50 pct Greek debt haircut deal | Reuters
Banks inch toward 50 pct Greek debt haircut deal
(Reuters) - Banks moved closer on Wednesday to agreeing to cut the value of their Greek bond holdings in half under a bailout plan that Finance Minister Evangelos Venizelos was quoted as saying would deliver 15 euros back in cash for every 100 invested.
Citing sources in Brussels, Greek newspaper Kathimerini said the minister told banks and insurers they would receive 15 euros in cash and 35 euros in 30-year, 6-percent coupon bonds for every 100 euros of debt they own.
In Berlin, a source close to the finance ministry told Reuters that, while Germany, Finland and Netherlands were still pressing for a haircut of 60 pct, "there will be an agreement (with bondholders) at 50 pct of the notional value (and) there is no chance for an agreement below 50 pct."
Euro zone finance ministers had intended to have an agreement on the size of the haircut by Wednesday, but that could be postponed, the source said.
The newspaper said the proportions of cash and bonds in the 50 percent return could still change.
Banking sources contacted by Reuters said there were still several different combinations of cash and bonds on the table, which could result in a different level of haircut.
The hit that private investors will eventually take on their Greek bonds remained open for debate hours ahead of a summit that markets hope will move the euro zone closer to a comprehensive deal for resolving its debt crisis.
Unlike a restructuring proposal agreed in July, the new bonds issued under the Greek scheme would not have a guarantee from the euro zone's bailout fund, the European Financial Stability Facility (EFSF). Instead, the cash payment would act as an incentive for investors.
Banking sources confirmed that there would be no EFSF guarantee for new bonds, but said a final proposal for private sector involvement (PSI) in the Greek bailout was unlikely on Wednesday.
"The details of the final proposal and the alternatives that it will include will be finalized in the coming days," said one senior banking source.
"One of those alternatives will be the exchange of existing bonds with new ones of a longer maturity, such as 30 years, without reducing their nominal value but cutting their net present value."
The July agreement, reached by EU leaders with banks in an attempt to make Greece's debt sustainable, offered investors four options to choose from. Most chose the most expensive option for governments: a par bond exchange into 30-year bonds.
Kathimerini said the option put forward by Venizelos would cut Greece's outstanding debt by roughly 102.5 billion euros.
However, taking into account the subsequent need to recapitalize Greek banks, pension funds and insurers, the net benefit would be around 65-70 billion euros, the paper said.
The paper said Venizelos held talks on Tuesday with the head of the International Institute of Finance (IIF) banking association, Charles Dallara, which government sources said were "very positive."
(Reporting by Daniel Flynn, Harry Papachristou, Tatiana Fragou and Lefteris Papadimas; additional reporting by Alexander Huebner in Berlin; editing by Anna Willard, John Stonestreet)
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