Monday December 22, 2014 Search
Weather | Athens
13o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece to shield banks from buyback lawsuits

Greece aims to shield its banks from possible lawsuits linked to a crucial buyback of sovereign bonds and has no plans to extend the acceptance deadline for the scheme beyond Friday, a senior finance ministry official said.

A successful buyback is central to Greece's efforts to slash its debt. Greek banks will hold board meetings on Friday to decide whether they will join in and must declare their interest by 1700 GMT.

Greek lenders' participation is key for the success of the plan, under which Athens aims to spend 10 billion euros of borrowed money to buy back bonds far below their nominal value, cutting its debt by a net 20 billion euros.

Newspaper Kathimerini said there was a possibility the government would extend the deadline to early next week.

But the official, who spoke on condition of anonymity, played down the report.

"The process will close today and there is no need for an extension, he said.

The government would provide legal cover to protect the management of banks choosing to participate in the plan from possible lawsuits from shareholders who may suffer losses, the official said, without giving details.

Greek lenders hold an estimated 17 billion euros of bonds out of the 63 billion eligible for the buyback. They are expected to participate because they depend on the bailout funds Athens stands to receive once the buyback is completed.

[Reuters]

ekathimerini.com , Friday December 7, 2012 (11:57)  
Greek current account deficit shrinks in October
Energy shares and Greek rebound lift European equities
Draghi starts squaring QE circle in month of persuasion for ECB
Euro shaky on ECB and Greece, dollar keeps edge
ANALYSIS
Greek parliament vote in balance after Samaras election offer
Greek Prime Minister Antonis Samaras' surprise offer to lawmakers to go to the polls late next year in exchange for a vote for his presidential nominee has injected fresh momentum into his f...
Parliament to investigate Haikalis claim he invested in stock market
The parliamentary committee responsible for monitoring MPs derivation of wealth declarations (pothen esches) is due to meet in the next few days to scrutinize claims by Independent Greeks M...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Klaus Regling stresses debt sustainability through commitment to reforms
BRUSSELS The man who is responsible for the loans to Greece as managing director of the European Stability Mechanism (ESM/EFSF), Klaus Regling, is the only high-ranking European official w...
INTERVIEW
Crisis of confidence will come back again and again, says Thomas Piketty
Hes treated like a rock star wherever he goes to lecture. His book Capital in the 21st Century, a study on income and wealth inequality from the 18th century to the present, recently tran...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greek parliament vote in balance after Samaras election offer
2. Parliament to investigate Haikalis claim he invested in stock market
3. Tuesday morning stoppage on metro, electric railway and tram in Athens
4. Greek current account deficit shrinks in October
5. Energy shares and Greek rebound lift European equities
6. Parliaments ethics committee to look into independent MPs comments
more news
Today
This Week
1. Euro shaky on ECB and Greece, dollar keeps edge
2. Government accuses SYRIZA and Independent Greeks of 'clear alliance'
3. Prosecutor gathers depositions in Independent Greeks 'bribe' probe
4. Draghi starts squaring QE circle in month of persuasion for ECB
5. Parliament's ethics committee to look into independent MPs' comments
6. Energy shares and Greek rebound lift European equities
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. High stakes
3. Europe's drama in Greece needs final act to avoid tragedy
4. A friendly yet firm message from Pierre Moscovici
5. On the edge but not gutless
6. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.