Greek Debt Talks to Resume Saturday

2012-01-28 05:59:19 Xinhua Web Editor: Sun

Negotiations between the Greek government and private creditors over a massive Greek debt write-down will continue on Saturday, after both sides reached key understandings late on Friday, according to an International Institute of Finance (IIF) statement.

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"Important understandings were reached on legal and technical issues," said the IIF statement released after a new round of deliberations between its Managing Director Charles Dallara and Greek Prime Minister Lucas Papademos.

Government sources, in the meantime, said that the dialogue on the voluntary "haircut" of part of the Greek bonds held by private banks and hedge funds will continue during the weekend.

The accord on the restructuring of the Greek sovereign debt is a prerequisite for the release of further aid to Athens to avert a destructive bankruptcy in coming March that could have major repercussions for the European and global economy.

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