Talks to restructure privately-held Greek debt didn΄t reach a conclusion on Friday and are now suspended, as the chief negotiators representing the private-sector bondholders said.
According to Dow Jones, a statement by Charles Dallara of the Institute of International Finance and Jean Lemierre of BNP Paribas SA (BNP.FR), who headed the talks for the private sector, claimed that “unfortunately, despite the efforts of Greece΄s leadership, the proposal put forward…has not produced a constructive consolidated response by all parties”.
The two men have been in Athens since Thursday to meet with Greek Prime Minister Lucas Papademos and Finance Minister Evangelos Venizelos.
The negotiations had been expected to reach a conclusion next week, but according to the Dallara-Lemierre statement, the talks will have to pause.
“Under the circumstances, discussions with Greece and the official sector are paused for reflection on the benefits of a voluntary approach,” the statement said, referring to the principle that the restructuring of the privately-held Greek debt would be done on a voluntary basis.
(source: Dow Jones)
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