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French Fin Min: Merkel, Sarkozy To Announce New Greek Haircut On Oct 23

French Finance Minister Francois Baroin said Saturday that euro zone leaders will announce the extent to which private sector creditors will write down their Greek bonds at a summit in Brussels slated for next Sunday.
Baroin said that significant progress had been made after a meeting with German finance minister Wolfgang Schauble in Paris, but declined to disclose the new amount of a Greek haircut.
“This would not respect the negotiation timetable,” he said. “We’ll leave it to the heads of state and government, and precisely to the Chancellor (Angela Merkel) and the President (Nicolas Sarkozy) to formulate the terms of the agreement on Oct. 23,” Baroin told a press conference after a meeting of finance ministers from the Group of 20 industrialized and emerging economies.
He said that France “will reject all solutions that lead to a credit event.”
(source: Dow Jones)

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