Greece and its creditors are continuing negotiations on a debt swap deal on Saturday, after late-night talks edged them closer to a vital deal but failed to clinch an agreement.
Athens is anxious to strike a deal before a meeting on Monday of euro zone finance ministers, just in time to set in motion the paperwork and approvals necessary to receive a new injection of aid that will help avoid a messy bankruptcy in March.
“The elements of an unprecedented voluntary PSI are coming into place,” the Institute of International Finance said in a statement after Friday’s three-hour evening negotiation session, referring to the bond swap scheme.
“Now is the time to act decisively and seize the opportunity to finalise this historic deal and contribute to the economic stability of Greece, the euro area and the world economy.”
IIF chief Charles Dallara, who negotiates in the name of the private bondholders, will resume talks with senior Greek officials on Saturday.
“We will not know anything for sure before Monday,” said a banking source close to the talks. “The euro zone ministers will examine the proposal and say whether we have a deal. If they say we don’t, we’re back to the negotiating table.”
“The two sides are still discussing the coupon and some technical details,” a Greek banker close to the talks said on Saturday. “After Friday’s meeting, we are in a better position and closer to a deal, but I don’t think we should expect any announcement today.”
(source: Reuters)
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