Banks signal move on Greek crisis / Investors doubt Greek peace will last

The world’s largest banks signalled on the 1 July 2011 that they were willing to take write-downs on their stocks of Greek debt to help foster a wider solution to the eurozone sovereign debt crisis.

In a statement, the board of the Institute of International Finance, representing more than 400 of the world’s largest banks, announced its intention to consider buy-backs of Greek government bonds 'to lay the basis for a more sustainable debt position'.

ESO: Background information: The Greek debt crisis of 2010 http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Greece pulls back from the brink http://www.europeansources.info/record/greece-pulls-back-from-the-brink-deutsche-bank-warns-on-voluntary-rollover-violence-escalates-after-greek-vote/

Website: Institute of International Finance http://www.iif.com/

Kathimerini, 1.7.11: PM tells Europe 'now it's your turn' http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_32226_01/07/2011_396777

Kathimerini, 1.7.11: Greece loan to be unlocked http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_4743_01/07/2011_396761

---