French banks agree 15 bln euro Greek debt rollover

28th July 2011, Comments 0 comments

French banks and insurers have agreed to reschedule 15 billion euros' worth of Greek debt as part of an EU rescue package to stabilise the eurozone, France's finance ministry said Thursday.

The figure, equivalent to $21 billion, is the total value of French-held Greek sovereign bonds that are due for repayment up to 2020, the ministry said in a statement.

The plan is part of a 159-billion-euro scheme for eurozone countries and private lenders to restructure Greece's debts agreed at an emergency summit last week.

Under the plan, banks holding Greek sovereign bonds could swap them for longer-term ones, extending the repayment deadlines to give Greece breathing space and effectively reducing its debt.

© 2011 AFP

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