Greek Creditors Close to Agreement

French and German banks weigh rolling over 70% of bond holdings in second rescue.

Greek creditors are headed toward an agreement to roll over 70 percent of their holdings of that nation’s bonds into longer maturity debt in an effort to prevent default and answer politicians’ calls that they contribute to the country’s second rescue in two years.

“We’ve been working on this,” and hope other countries will join the proposal, French President Nicolas Sarkozy said today at a press conference in Paris. Germany’s biggest banks and insurers are weighing the French proposal, a person familiar with the matter said today. 

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