February 20, 2012 / 10:25 PM / 6 years ago

Eurozone can cut Greek debt to 123/124% of GDP, wants more - sources

BRUSSELS, Feb 20 (Reuters) - Euro zone finance ministers have found ways to cut Greece’s debt to between 123 and 124 percent of gross domestic product by 2020 but are striving to reduce the burden to close to a 120 percent target, three senior euro zone officials told Reuters.

“We’ve reached a figure of around 123-124 pct of Greek GDP, but there is a push to go further,” said one source briefed on the Monday night talks.

Asked if 120 percent remained the objective, the source said: “yes”. Another source present at the talks said the goal was to get “very close to 120 percent”.

Senior representatives of the euro zone and Greece were also meeting with the chief negotiators for private creditors, the International Institute of Finance, to find ways to fund further debt relief for Greece, the sources also said.

Two sources said a sticking point for some euro zone members was a proposal for the European Central Bank to relinquish profits it has made on its Greek bond holdings and allow its national shareholders to return them to Athens.

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