EU Seeks Bondholder Concessions on Greece Debt Deadlock
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European finance ministers pushed bondholders to provide greater debt relief for Greece, denting newfound confidence in Europe’s strategy for coping with the two-year-old debt crisis.
Euro governments sought to fill a deeper-than-expected hole in Greece’s finances by saddling investors with a lower interest rate on exchanged bonds, setting up a confrontation in the runup to a Jan. 30 European Union summit. Cash-strapped Greece needs the accord to enable it to make a 14.5 billion-euro ($18.9 billion) bond payment on March 20.