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Euro Sinks in Early Trading on Failure of Private Creditor Negotiations

Euro Sinks in Early Trading on Failure of Private Creditor Negotiations

2012-01-22 21:33:00
David Liu, Technical Strategist

Weekend Developments

  • Institute of International Finance chief negotiators leave Athens without a deal
  • PSI (Private Sector Involvement) plan was set to be finished by Monday
  • Greece needs deal before next trance of bailout payments
  • Talks were to be on recovery rate, interest on new loans, and rollover amount


Greece once again headlined this weekend’s developments, with markets carefully monitoring results of private sector negotiations with the nation. The Institute of International Finance, whose members include large financial organizations, represented the private sector in negotiations with the Greek government over key points, including the potential amount the banks would have to write off and interest rates on newly issued Greek debt that would be swapped for the old holdings.

Although last year’s Troika talks with Greece indicated that the private sector would take a voluntary 50% haircut on their holdings of Greek bonds, the private sector has yet to accept that plan. This weekend’s talks were supposed to result in an agreement by Monday between private investments and hedge funds. There are reports that the main point of contention is on the interest on new Greek debt that would be exchanged for old holdings in a rollover process.

Markets will keep monitoring the developments from Europe even as the Monday deadline draws nearer. Greece will need a private sector agreement before receiving its next tranche of bailout funds in mid-March. Despite the lack of an agreement, the IIF’s chief negotiator Charles Dallara indicated that he is hopeful of an agreement, with the country’s debt pact “now up to the EU, IMF.”

Weekend_01222012-Greek_PSI_Agreements_body_Picture_4.png, Euro Sinks in Early Trading on Failure of Private Creditor Negotiations

-- By David Liu, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.