From Wall Street Journal
Greece and its private sector creditors said Saturday they were on the verge of a deal to write off €100 billion ($132 billion) worth of the country’s debt, pending the outcome of separate talks on a new, multi-billion euro bailout for Athens.
In separate statements, Greece and the creditors both noted significant progress in the talks and said a final deal would be announced next week in tandem with the new loan program.
Effectively, the focus now shifts to a European summit in Brussels Monday where the continent’s leaders will sanctify — or not — the terms of the debt restructuring and the new loan. But complicating those discussions are concerns that Greece’s funding needs might be bigger than originally thought, while Europe appears divided over how to cover the gap.
A person with direct knowledge of both sets of talks said the deal with the private creditors was: “basically done.” But an announcement won’t be made until there is also agreement with the troika over the austerity measures Greece must take to secure the new loan.
Read the full article here: Wall Street Journal
