Greece to Continue Debt Swap Talks With Euro-Group Support

Greece will pursue talks on a debt swap with private creditors after euro-area countries lent their support to the effort, the Finance Ministry said.

The goal of the negotiations is the “full implementation” of a late-October agreement among European leaders seeking to lower Greece’s debt to 120 percent of gross domestic product by 2020, the ministry said late yesterday.

A formal offer on the terms of the voluntary debt swap is due by Feb. 13, according to the ministry.

At a meeting of euro-area finance chiefs in Brussels yesterday, discussions also addressed the latest on the sustainability of Greece’s debt in order to ensure it reaches the 2020 target, the ministry said.

“A critical factor from this perspective is the rate of growth of the Greek economy as well as of course to a degree the interest rate on the coupons of the new bonds,” the ministry said.

To contact the reporter on this story: Jonathan Stearns in Brussels at jstearns2@bloomberg.net

To contact the editor responsible for this story: Patrick Henry at phenry8@bloomberg.net

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