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Charles Dallara to Meet Greek Officials on Thursday

Charles Dallara

Charles Dallara, the head of a group representing private-sector banks, will hold talks in Athens on Thursday with Greek government officials on a voluntary swap of privately held Greek bonds, a spokesman for Dallara’s organisation said.
“He will be in Athens on Thursday and will meet with government officials,” the spokesman said.
Banking and official sources have said Greece and its private creditors are nearing a deal in the talks, aimed at halving Athen’s debt load and avoiding default, but pressure is building on them to reach an agreement.
Institute of International Finance head Dallara and BNP Paribas senior adviser Jean Lemierre are leading the negotiations on behalf of the private sector creditors.
Greek bond swap talks going badly
Talks about private sector participation in a Greek bailout are going badly, senior euro zone bankers said on Wednesday, raising the prospect that European Union governments will have to increase their contribution.
“Governments are mulling an increase of their share of the burden,” one of the bankers, who is familiar with the talks, said.
Upon being asked whether governments will have to put up more cash to make up a shortfall from lower than expected private sector participation, another senior banker said: “Nothing is decided yet, but the bigger the imposed haircut the less appetite there is for voluntary conversion.”
A third senior banker, who was asked the same question said: “Private sector involvement is going badly.”
(source: Reuters)

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