The top world banks expressed their readiness to write off part of the Greek debt in order to help for solving the problems in our Southern neighbor country and in the Euro zone, announced by the Institute of International Finance. In a statement, the Governing Board of the Institute which represents more than 400 of the largest banks in the world, announced its intention to consider the repurchase of Greek debt bonds from Athens.
Since the market prices of Greece’s bonds are now way below their initial selling prices, any repurchase on the part of the Greek authorities, the European governments or other sovereign buyers, at prices close to current market prices, would lead to writing off a sizable volume of the Greek debt. As a result, banks and insurance companies will post losses, but at the same time, the size of Greece’s liabilities will decrease and this will lead to increasing the stability of the country’s public finances, the Institute of International Finance explained.
The participation of private investors will add up to the official financing and support liquidity. The Institute of International Finance said that these options and the eventual repurchase of debt are already being discussed. Their main aim is to provide significant cash flows to assist Greece in 2012-2014.
Text: klassa.bg
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