Greek debt talks to continue today
21 Jan 2012
The talks between Greece and its private-sector creditors over a debt-restructuring deal would continue today, with no consensus reached yesterday after marathon negotiations.
The talks resumed this week after nearly breaking down on 13 January. Meanhile, Greece is in the process of formulating a debt restructuring plan ahead of a meeting on Monday that will see euro-zone finance ministers meet in Brussels.
A key precondition for Greece to receive a fresh, €130 billion bailout from its European partners and the International Monetary Fund is conclusion of a deal with private creditors.
Greece would likely enter into a technical default following a deal with private sector investors, however this might see an upgradation of its credit rating.
The aim is to clear €100 billion of Greece's €360 billion debt pile, saving Greece around €4 billion a year in interest payments and reducing the amount of funds euro-zone countries and the IMF would need to extend to the debt-strapped country.
Greek finance minister Evangelos Venizelos said the talks would continue today. Greece is looking to have around €100 billion slashed from its huge debt.
