Greece’s private creditors plan to meet in Paris tomorrow to discuss a debt-swap deal that’s contingent on the country securing a second aid package from European and international officials, Institute of International Finance spokesman Frank Vogl said.
Greek talks with international creditors in a seven-month effort to wrap up a second bailout will continue today after negotiations overnight failed to clinch an agreement, with the country’s stability hanging in the balance.
Greek debt swap talks between bondholders and government officials broke down last week because of disagreements over the coupon on the new bonds, said Frank Vogl, a spokesman at the Institute of International Finance.
Greece and its private creditors are beginning a final push to renegotiate debt as a member of the investor group said they are likely to get cash and securities with a market value of about 32 cents per euro of government bonds.
Bondholders negotiating a debt swap with Greece have made their “maximum” offer, leaving it to the European Union and International Monetary Fund to decide whether to accept the deal, said Charles Dallara, who’s representing private creditors in the talks.
German Chancellor Angela Merkel and International Monetary Fund Managing Director Christine Lagarde will meet in Berlin tonight as pressure grows to complete a Greek debt swap needed to put a rescue plan in place.