Greece edged closer to a bailout, but the deal is not done. The ECB said it would swap bonds it bought two years ago for new paper. This would allow it to avoid a write down, which it says it will not do. Private shareholders appear ready to take paper worth about 70% less than their current bonds. The IMF seems prepared to participate. The press said the balance of eurozone leaders are satisfied that Greece will comply with the austerity measures it has set.
But, Germany, the de facto bank for Europe, is still apparently not satisfied with provision which could kill any agreement
Optimism grew on Friday that Greece has finally done enough to secure a second bailout despite worsening relations with Germany, but doubts remained over lenders’ demands for tighter supervision of how Athens will implement the deal.
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