Greece Nearing Deal With Private Creditors
from Bloomberg..
Greece is nearing a deal with private creditors that would give them cash and securities with a market value of about 32 cents per euro of government debt, according to Bruce Richards, a hedge-fund manager on the creditors’ committee.
“I’m highly confident the deal will get done,” said Richards, chief executive officer of New York-based Marathon Asset Management LP, in a telephone interview today with Bloomberg Businessweek.
Marathon, which has $10 billion under management, is on the committee of 32 private creditors that formed in November to negotiate with Greece, the International Monetary Fund and the European Union. It’s not a member of the smaller steering committee directly involved in negotiations. The talks, under the auspices of the Institute for International Finance, broke off Jan. 13 and are scheduled to resume tomorrow in Athens with Greek Prime Minister Lucas Papademos and Finance Minister Evangelos Venizelos.
Richards, 51, said he expects Greece won’t make a 14.5 billion euro ($18.5 billion) bond repayment scheduled for March 20. He expects a deal with creditors to be in place before then. Investors who agree will probably be paid the new package of cash and bonds shortly after that date, he said.
more: http://www.bloomberg.com/news/2012-01-17/greece-nearing-deal-with-private-creditors-marathon-ceo-says.html
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Appears the default crisis will be averted once again.