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EIB Asks Greek Firms to Sign Loan Clauses, Kathimerini Reports

The European Investment Bank, the European Union’s bank, is asking Greek companies to sign loan agreements that include clauses to renegotiate debts in case the country reverts to the drachma, Kathimerini reported.

Public Power Corp. SA was asked to agree to two new clauses in talks on a 70 million-euro ($93 million) loan two weeks ago, the Athens-based newspaper said, without saying how it got the information. One clause was for a renegotiation of loan terms in the event of a currency change, either if Greece left the euro or the euro area broke up, while the other ensured English law would prevail in the event of non-payment, the paper said.

The bank will include the currency clause in new loans with Greece, Ireland and Portugal, all countries under bailout plans, Kathimerini said. The EIB plans to extend the clause gradually to all euro area countries, according to the paper. Calls to EIB spokesman Rainer Schlitt in Luxembourg today after regular business hours weren’t answered and an e-mail wasn’t immediately returned.

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