"The cost of postponing a solution [debt swap] is extremely high for Europe, but especially for the future of the euro"
- Giovanni Bossi, chief executive officer of Banca Ifis SpA
Talks on Greek debt swap resumed on Thursday as European finance ministers pressure private bondholders to take bigger losses on their Greek holdings.
In exchange, private bondholders want other creditors, including the European Central bank, to take part in the swap deal. "We are ready to make an effort if everyone else [including the ECB] makes an effort," a source close to the talks said.
"If the level of Greek debt held by the private sector is not sufficiently renegotiated, then public sector holders of Greek debt should also participate in the efforts," Christine Lagarde said on Wednesday.
"The cost of postponing a solution is extremely high for Europe, but especially for the future of the euro," said Giovanni Bossi, chief executive officer of Banca Ifis SpA. "The parties are very close to a deal. It's time to close."
© Dukascopy Bank