BRUSSELS: Greece launched an operation yesterday to buy back privately-held debt at a big discount, with eurozone finance ministers in Brussels studying the terms on offer alongside plans to bail out Cyprus too.
A vital part of its repackaged rescue plan aimed at slashing the country’s heavy debt load, ministers meeting for the fourth time in three weeks displayed confidence that the prerequisite for a resumption of long-blocked loans would deliver.
Asked if the bid would work, given a deadline of December 13 to assess the take-up of what amounts to a semi write-off by mainly Greek financial institutions, Luxembourg’s Luc Frieden said: “I assume so.”
But, he added: “I dont know of any Plan B” if the buyback plan should fall short. “I’m not especially worried, I believe the sums have been done in a realistic manner,” said French Finance Minister Pierre Moscovici.
Afp
