PARIS (MNI) – The board of the Institute of International Finance,
which represented private creditors in debt restructuring (PSI)
negotiations with Greece, strongly endorsed the whole Greek package —
including PSI and a new official sector loan — but was careful to note
that it is up to each individual investor to decide whether to
participate in the private sector component of it.
The text of the IIF’s statement follows:
“The Board of Directors of the Institute of International Finance
(IIF) strongly supports the recent agreements among Greece, Euro Area
authorities, and the IMF on a new adjustment and financing program for
Greece, including the common understanding of the terms of a voluntary
exchange of privately held Greek Government Bonds as presented in the
February 21, 2012 statement by the Steering Committee of the Private
Creditor-Investor Committee for Greece.
The decision to participate in the debt exchange lies exclusively
with individual investors. The IIF Board is firmly of the view that a
successful completion of the exchange will contribute meaningfully to
facilitating the official financing for Greece and help Greece to carry
out necessary reforms to set the basis for economic recovery.
These are important steps towards resolving the Greek debt crisis,
addressing the overall fiscal and sovereign debt problems in the Euro
Area, and restoring financial stability, which is essential to foster
economic growth and job creation.”
–Paris newsroom, +331-42-71-55-40; bwolfson@marketnews.com
[TOPICS: M$Y$$$,M$X$$$,MGX$$$,M$$CR$]
