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“One Step” Away from Debt Swap Deal

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Marathon negotiations between Greece and private creditors on a debt swap deal appeared to be in their final phase on Saturday, with Greek Finance Minister Evangelos Venizelos saying both sides were one step away from reaching an agreement.

Prime Minister Lucas Papademos and Venizelos wrapped up a three-hour meeting Saturday with Charles Dallara, the head negotiator for banks and private investors, which hold a large portion of Greek government bonds.

Venizelos told journalists that the two sides were ‘really one step before finalizing the debt swap deal and expect to conclude it next week.’ The Institute of International Finance (IIF) said, ‘We are close to the finalization of a voluntary PSI (Private Sector Involvement) within the framework expressed publicly earlier this week by Luxembourg Prime Minister Jean-Claude Juncker in his capacity as chairman of the Eurogroup.’

The statement said, ‘We expect to conclude next week as discussions on other issues move forward.’
(source: DPA)

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