French agree to debt roll-over for Greece

Article reported that French banks had agreed in principle to subscribe to new issues of Greek sovereign debt to replace maturing bonds – in effect rolling over existing commitments – on condition that all creditors do the same, according to people with knowledge of the negotiations.

The French proposal coincided with the thinking of the European Central Bank, which had indicated that a roll-over of Greek debt, rather than a 'reprofiling' with extended maturities, would be an acceptable way for private creditors to be involved in a new deal.

ESO: Background information: Trichet inflames Berlin dispute / Germany refuses to back down on Greece http://www.europeansources.info/record/trichet-inflames-berlin-dispute-germany-refuses-to-back-down-on-greece/

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