Tags: Greek | Banks | Bond | Deal

Athens: Major Greek Banks Agree on Bond Deal

Tuesday, 06 Mar 2012 02:32 PM

 

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Greece's government on Tuesday said the country's six major banks have agreed to participate in a bond-swap deal, a move likely to relieve financial authorities as a deadline for the deal looms.

The Finance Ministry said the six banks have already agreed to participate or would recommend participation at board meetings on Wednesday and Thursday.

The deal aims at cutting more than 106 billion euros ($139 billion) off the country's national debt.

Holders of Greek government bonds have until Thursday night to sign up to the agreement.

Greece is stepping up the pressure on private creditors to sign up to the crucial bond swap, needed for continued bailout funding from other eurozone countries and the IMF and to avoid default later this month.

The country's Public Debt Management Agency warned potential holdouts on the agreement, known as the private sector involvement.

"Greece's economic program does not contemplate the availability of funds to make payments to private sector creditors that decline to participate in PSI," the agency said.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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