Greece/creditors close to "wrapping up" a deal to avoid a disastrous bankruptcy.
Last edited Fri Jan 20, 2012, 07:54 AM - Edit history (1)
ATHENS (Reuters) - Greece and its private bondholders inched closer to achieving a long-awaited debt swap deal on Friday that would prevent the country from sinking into chaotic default.
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Cash-strapped Greece is fast running out of time as it pushes to wrap up an agreement by Monday paving the way for a fresh injection of aid before 14.5 billion euros ($18.5 billion)of bond redemptions fall due in March.
After a breakdown in talks last week over the coupon, or interest payment, that Greece must offer on its new bonds raised fears of a disastrous bankruptcy, the two sides resumed talks on Thursday and appeared to be moving to overcome their differences.
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"We are very close to wrapping it up," one banker told Reuters on condition of anonymity.
more: http://finance.yahoo.com/news/greece-creditors-move-closer-deal-074432694.html
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Looks like there will be a deal. I am sure this wont solve the bigger problems but it does avert a potential meltdown.
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bandruptcy.. 
