Arab Today, arab today greece private debt writeoff talks to resume
Last Updated : GMT 10:44:11
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Greece private debt write-off talks to resume

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Arab Today, arab today Greece private debt write-off talks to resume

London - Arabstoday

Key talks between Greece and its private creditors that could could affect the country\'s future in the eurozone are expected to resume later on Wednesday. The two parties are trying to agree loan write-offs of about 50% to help Greece slash its high debt levels. The talks stalled last Friday as the two failed to reach agreement. A deal is necessary if Greece is to receive the next tranche of the bailout cash it needs to pay its debts. Officials from the European Commission, International Monetary Fund and European Union are also due in Athens this week to assess whether or not to release these funds. Debt repayment European leaders agreed in principle last year that private lenders would voluntarily write off 50% of their loans to Greece, but private creditors still need to agree to the deal. They are being represented in negotiations with Athens by the Institute of International Finance (IIR). Without the bailout money, the Greek government could run out of cash and be forced to default on its debts. The country faces a 14.4bn euro ($18.4bn, £12bn) debt repayment in March. Some analysts believe that, if Greece did default, the country would be forced to leave the eurozone. Default risk Athens and the IIR will not only discuss the size of the write-off, but also the rate of interest on the existing loans, which will be renegotiated as part of any agreement. \"I think the negotiations have been around what is the right interest payment for the new debt that people are going to receive, and this is where there is a difference in what Greece is willing to pay and what bondholders are willing to accept,\" Takis Georgakopoulus from JP Morgan told the BBC. He said there were three possible outcomes to the talks. First, the two parties reach agreement. Second, there is no agreement and Greece unilaterally decides what to pay back to its creditors. Third, there is no agreement and Greece defaults on its debts. He said he was \"optimistic\" that an agreement could be reached given the far-reaching consequences of the last two outcomes.  

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