Athens/FRANKFURT - French banks have agreed to roles using stocks of Greek debt for 30 years, President Nicolas Sarkozy said on Monday, as the Greek Government to fought backbencher convince rebels to secure a crucial austerity plan to stave off the bankruptcy.
With the financial markets, the Greek crisis watch scary Sarkozy told a press conference in Paris that an agreement with the banks on one had reached the French authorities voluntary rollover sosrewanija bonds.
Those of us who cover put the loan over 30 years of closed (interest) at the level of European loans, plus a premium indexed to future Greek growth that would be a system, each country could find attractive, he said.
Scenes from the 2011 Paris air show the show has 140 aircraft and host more than 300,000 people during the June 20-26. Play with new interest in aerodynamics, automakers angle life Inc.: I'll marry you... If you get a job captured cities in the NFL Union Kampf life Inc.: daily deals not always a good deal for businessBanking sources confirmed that under which 70 per cent of the proceeds for the Greek bonds would due reinvest banks was part of an outline deal. This amount of 50 per cent in the new 30-year bonds go would, and 20 percent would be reinvested in a zero-coupon of guaranteed funds high-quality securities.
European Union officials discussed with international bankers and the Institute of international finance (IIF) in Rome said French idea on Monday, the euro-zone sources and German banks voiced interest in the "French model".
Each new financial rescue for Athens, including the official credit and involvement of the private sector, the Greek Parliament approval this week depends on a strict five year plan and legislation to implement structural reforms and privatisation.
Greek Finance Minister Evangelos Venizelos met ruling Socialist Party (PASOK) rebels in Athens, on foot, press the line in the parliamentary vote on Wednesday and Thursday, where a defeat of the country in default could plunge.
Greece has the conservative opposition calls for national unity, refused, forcing Prime Minister George Papandreou on his slim parliamentary majority a painful mix of spending cuts, tax increases and Government sales prevail to leave.
However with Greece plug into deep recession, has at least three PASOK deputies expressed serious reservations or outright opposition to a plan which they say crushed any hope of growth in the coming years and it is unclear how the numbers out will play.
Without Parliament's approval for the measures, which have caused a wave of strikes and demonstrations, Union and the International Monetary Fund say the they not the fifth tranche of EUR 110 billion bailout of agreed last year are free.
If the 12 billion euro tranche is not forthcoming, the Greek Government, which was ended by the financial markets due to the ruined State of public finances, money weeks, probably a Europe-wide crisis will trigger executed.
Preparations
Venizelos was due to meet members vary in the entire Monday in a last-ditch effort, vote to ensure:, after German Minister warned that Europe had to make plans for the event, a defeat that would block the next tranche of the aid.
"(Refusal) is not preparing to meet to plan A, or the most likely result, but the euro zone and the financial sectors", a Conference said Deputy Finance Minister Jorg Asmussen on Monday.
In the sign of the growing nervousness in financial markets to keep the premium investors demand Greek debt rather than benchmark German bonds extended by 20 basis points on Monday to 1,432 basis points.
The debate in the Parliament is to vote on Monday night with an initial vote on the framework of strict package due on Wednesday, and lawmakers then begins on Thursday on a separate bill containing specific steps to implement.
Defector in the last 13 months have to cut Papandreou support in the 300 member 155 seats, i.e. a handful of votes could decide the issue complicated may be the more, if a bill passes and the other is not.
In an interview with Spanish daily El Mundo on Sunday Deputy Prime Minister Theodore Pangalos said he believed that would pass the first vote, but he was less confidence in the implementation of the second account.
"That is, where we may have problems," he said. "I don't know whether some will vote our lawmakers, however, the."
Bailout not enough
With the current 110 billion bailout is not enough, go to Greece to keep the work European Heads of State and Government at another similar in size to a contribution of private banks which would agree a "voluntary" rollover of the Greek debt.
It remains uncertain whether an agreement to avert problems in the longer term will be enough. Many investors and economists believe that even if the austerity package passed this week, it will only delay an inevitable restructuring or default.
With the fate of existing support plan and the new package depending on the this week vote planned are large rallies of demonstrators was occupying Syntagma Square outside the Greek Parliament in Athens for the past month have.
Public anger was powered by Greece of the worst recession since the 1970s of a youth unemployment rate of more than 40 percent and public finances, which was broken by a debt of some 150 percent of gross domestic product.
Telekom, the post office and many hospitals are the powerful public sector Union ADEDY and its private sector equivalent GSEE due to a 48-hour strike on June 28 and 29, public transport is taken.
Many companies, including the main power company PPC that partial privatization next year is planned, have already begun roles shutdowns.
On Monday, protesters hung a huge banner from the Acropolis, which announce old rock outcrop, Athens, dominated,: "people have that makes them to never give up."
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