'Exclusive: Banks discuss new Greek rollover plan: source'
"(Reuters) - European banks and insurers moved closer on Friday to a voluntary
rollover of their Greek government debt holdings, hoping to get around rating
agencies' reservations and avoid a Greek default.
National finance officials are discussing with banks and insurers a proposal to
replace existing Greek debt with a different type of bond in a deal they hope will
persuade credit rating agencies to refrain from declaring Athens in default of its
obligations, two senior European banking sources told Reuters.
The proposal foresees a voluntary rollover of debt into securities of a different and not
comparable credit composition to avoid agencies moving Greece to default status,
the sources said.
"Only by a completely different composition of the bonds would the rating agencies
see the restructuring as voluntary and not declare Greece insolvent," said one senior
German banker." - more
http://www.reuters.com/article/2011/06/24/us-banks-greece-idUSTRE75N1WZ20110624
"(Reuters) - European banks and insurers moved closer on Friday to a voluntary
rollover of their Greek government debt holdings, hoping to get around rating
agencies' reservations and avoid a Greek default.
National finance officials are discussing with banks and insurers a proposal to
replace existing Greek debt with a different type of bond in a deal they hope will
persuade credit rating agencies to refrain from declaring Athens in default of its
obligations, two senior European banking sources told Reuters.
The proposal foresees a voluntary rollover of debt into securities of a different and not
comparable credit composition to avoid agencies moving Greece to default status,
the sources said.
"Only by a completely different composition of the bonds would the rating agencies
see the restructuring as voluntary and not declare Greece insolvent," said one senior
German banker." - more
http://www.reuters.com/article/2011/06/24/us-banks-greece-idUSTRE75N1WZ20110624