BRUSSELS Feb 20 Euro zone finance
ministers are pushing for private sector creditors to take at
least a 53.5 percent loss on the nominal value of their Greek
bonds as part of a debt swap, a senior euro zone source said on
The figure exceeds the original proposal to take a 50
percent nominal loss as part of an effort to reduce Greece's
private sector debts by around 100 billion euros.
Earlier, two sources said private sector negotiators
represented by the Institute of International Finance had
proposed accepting a bigger loss on their Greek bonds to help
plug a funding gap, but they declined to give details.
A debt swap agreement with the private sector is a critical
element in the euro zone being able to agree a second financing
programme for Greece, worth around 130 billion euros.