Sunday March 29, 2015 Search
Weather | Athens
14o C
09o 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)  
Rift talk may be self-fulfilling prophecy
Undeclared labor flourishing as inspections are insufficient
Agenda
Banks write off old debts worth billions
Greece’s Tsipras to meet ministers as creditors ponder overhauls
Greece’s Prime Minister Alexis Tsipras is to hold a cabinet meeting Sunday as Greek officials and creditors in Brussels discuss overhauls the country proposes to secure more funds from the e...
Moscow expects progress from Tsipras visit
Prime Minister Alexis Tsipras’s planned visit to Moscow on April 8 will be a “big event” in the course of relations between Greece and Russia, according to the Russian ambassador in Athens, ...
Inside News
SOCCER
Improved Greece draws 0-0 at Hungary
Greece ended up goalless with Hungary in Budapest on Sunday, on manager Sergio Markarian’s debut on the national team’s bench, a result that has left Greece at the bottom of its Euro 2016 qu...
HANDBALL
Hooligans mar PAOK´s handball cup triumph
PAOK won its second Greek Cup in handball beating AEK 29-27 in Sunday’s final in Thessaloniki, but the clashes between AEK fans and the police as well as the exchange of lethal flares betwee...
Inside Sports
COMMENTARY
Let´s change the subject
Let’s talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. It’s better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Improved Greece draws 0-0 at Hungary
2. Rift talk may be self-fulfilling prophecy
3. Undeclared labor flourishing as inspections are insufficient
4. Agenda
5. Banks write off old debts worth billions
6. Hooligans mar PAOK´s handball cup triumph
more news
Today
This Week
1. Eurogroup unlikely to be held soon to discuss Greek reforms
2. Moscow expects progress from Tsipras visit
3. Another suspect eyed in prison breakout plan
4. Greece’s Tsipras to meet ministers as creditors ponder overhauls
5. Greece says talks with lenders are continuing positively
6. Rift talk may be self-fulfilling prophecy
Today
This Week
1. Next Monday is D-Day for state funds
2. PM faces Merkel amid race to detail reforms
3. Some more equal than others
4. Greece to present reforms by Monday, says gov't spokesman [Update]
5. Looking at the Chinese model
6. Greece optimistic on deal with euro area next week
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.