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Greece in race through the clock

Eu debt debacle:Greece in race resistant to the clockby george georgiopoulos and lefteris papadimas

Athens greece resumes tortuous negotiations on prices on a debt swap with private creditors in athens on thursday, with the ecu central bank thrown into the mix after imf chief christine lagarde said public sector holders of greek debt may need to take losses too.

Athens, which needs a deal quickly to avert a chaotic default when a major bond payoff comes due in march, hopes the talks can be wrapped up soon.

The top negotiator for credit institutes and insurers, charles dallara, is scheduled to meet pm lucas papademos at around 1800 gmt after experts meet to discuss technical details.

Intercontinental monetary fund managing director christine lagarde put pressure on the ecb on wednesday, saying it and other public creditors may need to accept losses if those taken by the private sector are not enough to bring greece’s debt burden down to a pleasant level.

Private bondholders want individuals that lent money, and acquire the ecb which is athens’ single biggest creditor, to go for a bond swap deal where existing bonds are exchanged for new paper offering far lower returns.

Are ready to make the effort if everyone else(Since ecb)Makes an attempt, a source near the talks said.

The interest rate on the new bonds has been the main obstacle in the negotiations, utilizing imf, germany and other euro zone countries insisting it must be low enough to make certain greece’s debt will fall to a still mighty 120% of gdp by 2020, from near 160 now.

One source no stranger to the negotiations said the is parked for current time until we can get closer on detail of the overall package.Asked if that would come with the ecb, dogs with aggressive behavior said:Would would like it to, still to be calculated though.Of the main dangers posed Milagrofilms by greece is that an unchecked default would cause a banking crisis spreading contagion through the euro zone.

The ecb’s creation of nearly half a trillion euros of three year money for the banks keep away from has tempered that fear.

High debtor italy saw its government bond yields and the price insuring against a default fall on thursday, helped by solid demand for brief debt at an auction.

Greek bankers and government officials said they had not heard of any new proposal from the creditors’ arbitrators, after local media reported they were willing to improve their offer of a 4% interest on the new bonds to about 3.75%.

One decorative daily, kerdos, said guidance of public sector creditors including the ecb in the swap deal was a pre condition for that offer.

The situation is once again up in the air.You suffer from politicians and 15 different governments asking for different things.We haven’t got anything clear within iif yet, questions start today.Ministers discarded on monday the creditors’ offer of a 4% coupon on new bonds, helping the chance that athens would have to enforce losses.Greece and its eu/imf lenders were ready for a 3.5% annual percentage rate.

The ecb had ruled out taking voluntary losses on its greek bond holdings but is now debating how it would handle any forced losses and getting in touch with explore legal options to avoid such a hit, central bank sources told reuters on sunday.

One source close to talks among ecb policymakers revealed that while france, italy and the ecb board in frankfurt were against open losses, some indigenous central banks, which have expressed reservations over the bond purchases at all, now accepted that losses may be expected.

Ecb will not take losses on its greek bond holdings voluntarily but there is a fierce debate within the ecb on how to deal with forced losses, getting to said.

The best answer might be for ecb to take a haircut on its greek bonds at the discount they were picked up at by the central bank via its bond buying programme, one senior european banker not a talks said.

Any hit beyond that budget(That the bonds were purchased at)Would build up a pandora’s box.It would raise so many issues about the fiscal is intergrated of european debt, as the losses might need to be shared by the central banks.That would essentially be euro bonds, the bank said.

Greek state and federal regime spokesman pantelis kapsis said, all the same, that the ecb’s role wouldn’t be the focus of the meeting between papademos and dallara on thursday.

Ecb is a completely different issue.It is not being discussed chances are, kapsis told flash radio station, when asked what dallara and papademos would discuss about.

The institute of worldwide finance, which inturn dallara heads, said thursday’s discussions would be and aim to work through legal and technical issues quickly.Dallara left athens over the past weekend after the last round of talks proved inconclusive.

The type of chairman of bnp paribas, the primary banks on the committee leading talks for creditors, suggested on wednesday that bondholders would not retreat away in their position easily.

Person eu, imf and ecb officials are holding talks with the greek state and federal regime in parallel with the debt swap talks, to flesh out a new 130 billion dollars euro bailout for greece.They have warned they need the debt swap to cut greece’s debt considerably in order to go ahead with the new loans.

Germany does not expect the troika of foreign lenders to deliver a report on greece’s progress before a summit of eu leaders on monday, a senior german official said on wed, adding that this resulted in greece would not play a major role at the eu leaders summit.

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