A deal with the banks must be sealed before senior inspectors from the European Union, IMF and European Central Bank (ECB) “troika” arrive in Athens next week to finalise a second, €130bn bailout.
Economy and Finance
Greece Dispatches Officials to US Over Default Fears
Greece sent senior officials to Washington on Monday for meetings with the International Monetary Fund (IMF) as it raced against the clock to break a deadlock in debt swap talks that has prompted new fears of an unruly default.
Barely a month after an injection of bailout funds helped avert bankruptcy, Greece is back at the centre of the eurozone crisis as fears of a default and a subsequent eurozone exit overshadow a mass credit downgrade of eurozone countries.
Athens needs a deal with the private sector within days to avoid going bankrupt when €14.5bn of bond redemptions fall due in late March. But talks with its creditor banks broke down without an agreement on Friday.
Greece put a brave face on the standoff.
“There is a little pause in these discussions. But I am confident that they will continue and we will reach an agreement that is mutually acceptable in time,” Greek Prime Minister Lucas Papademos told CNBC television.
He said talks on both the debt swap and the latest bailout must be completed over the next two to three weeks.
“This is the objective. I think the conditions are in place in order to do so,” Papademos told the broadcaster.
A deal with the banks must be sealed before senior inspectors from the European Union, IMF and European Central Bank (ECB) “troika” arrive in Athens next week to finalise a second, €130bn bailout.
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