PARIS, June 27, 2011 (AFP)
Private and public creditors owed tens of billions of euros by Greece are set for urgent talks in Rome on Monday on giving “informal” support for a second rescue, sources close to the matter said.
French banks would propose rolling over half of the money they should receive from maturing Greek debt into new 30-year bonds, press reports said on Monday.
A further 20 percent of the money due would be reinvested in high-quality bonds, with interest being paid only at the end of the life of the loan, the reports.
Such proposals would be in tended to give Greece a new lease of life to restructure its economy and generate enough growth to be able to service debt.
Creditors, who stand to lose money in any case, are mindful that clumsy handling of any restructuring of the debt could cause new problems.
The meeting as being organised by the International Institute of Finance, just two days before a critical vote in Athens on budget measures demanded by the European Union and as time runs out for a solution to how private creditors will support a new rescue.
The IIF is a forum for leading global banks, and the sources said late on Sunday that IIF managing director Charles Dallara had met with a range of public and private creditors.
The French plan is set against the background of how to engage private holders of Greek debt in a rescue for Greece, otherwise threatened with bankruptcy, without causing financial markets and credit rating agencies to describe the restructuring as default.
At issues is whether any participation by private investors in a Greek rescue can be considered strictly voluntary and in no way under duress.
The scheme reportedly being proposed in Rome appears to be an effort by French banks to achieve this.
A default rating could have wide-ranging consequences within the eurozone and even for global markets.
One concern is that default could cause mayhem on the market for credit default swaps, which are instruments offering effective insurance against default.
Another concern is that discriminatory treatment could cause an outflow of funds from Greece, and also ramp up pressure on fragile eurozone countries such as Ireland and Portugal, already the subject of rescues and possibly Spain or even Italy and Belgium.
The European Central Bank has warned that in the event of a default rating, it might cease providing lifeline funding to the Greek banking system.
In the next three years, about 64 billion euros ($90.4 billion) in Greek debt is due for repayment.
Bursa saham Eropa pada perdagangan Senin (27/6) dibuka menguat setelah mengalami pelemahan terendah dalam 3 bulan terakhir.
Namun investor masih tetap hati-hati karena ketidapastian dari hasil voting Yunani untuk kebijakan penghembatan anggaran. Suatu kebijakan yang tidak populer bagi publik setempat. Indeks FTSE naik 0,3% ke 5.716, indeks DAX naik 0,1% 7.128 dan indeks CAC naik 0,3% ke 3.799.
“Investor sangat berhati-hati. Persetujuan penghematan pemerintah Yunani menjadi isu penting bagi pasar,” kata analis ekuitas di Hargreaves Lansdown, Boeman yang dikutip dari yahoo.finance.com.
Parlemen Yunani pada hari ini mulai pembahasan tentang rencana penghematan yang diusulkan pemerintah. Kebijakan ini sebagai syarat untuk menerima pinjaman internasional sebagai upaya menghidari dari kebangkrutan.
Hari ini bursa Asia bergerak negatif seperti indeks Hang Seng turun 0,3% ke 22.089, indeks Nikkei turun 1,04% ke 9.578, indeks Shanghai naik 0,4% dan indeks ASX turun 1,03% ke 4.461.
Sementara itu, Dow Jones ditutup turun 115,42 poin (0,96%) ke level 11.934,58. S&P 500 turun 15,05 poin (1,17%) ke level 1.268,45 dan Nasdaq turun 33,86 poin (1,26%) ke level 2.652,89. Bursa Wall Street kembali jatuh untuk hari ketiganya. Ini akibat kekhawatiran investor terhadap pemerintah Yunani yang menghadapi tekanan dari dalam negeri.
Sumber : INILAH.COM