French banks and insurers have agreed to reschedule €15bn worth of Greek debt as part of an EU rescue package to stabilise the eurozone, France’s finance ministry said on Thursday.
The figure, equivalent to $21bn, is the total value of French-held Greek sovereign bonds due for repayment up to 2020, the ministry said in a statement.
The plan is part of a €159bn scheme for eurozone countries and private lenders to restructure Greece’s debts agreed at an emergency summit last week.
Under the plan, banks holding Greek sovereign bonds could swap them for longer-term ones, extending the repayment deadlines to give Greece breathing space and effectively reducing its debt.
(source: AFP)
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