Wednesday, 11 April 2012 02:31
WASHINGTON: The global banking group that negotiatedGreece's massive debt writedown called on holdout creditors to sign on to the deal Tuesday, saying it would helpAthens restore its financial viability.
TheInstituteofInternational Finance, which negotiated the pact for private investors to write off more than half of 206 billion euros ($270 billion) in Greek debt they hold, said 96 percent of creditors had agreed to participate.
That participation "reflects the view of many investors that the terms and conditions of the exchange represent a much better outcome than the possible alternatives, given the unique circumstances thatGreecefaces," IIF chief Charles Dallara and his fellow negotiator, Jean Lemierre of BNP Paribas, said in a statement.
However, they added, "Full participation in the exchange by all private holders would greatly assistGreecein focusing on implementing the necessary reforms."
"This would help rebuild confidence and stability in financial markets, to the benefit of all, and facilitate the process of restoringGreece's creditworthiness."