Dallara voices rollover optimism

Discussions about the Greek bond swap plan and the debt buyback procedure are progressing and more details will emerge soon, Charles Dallara, managing director of the Institute of International Finance (IIF), said on Thursday, and he did not rule out the possibility that Greece would meet the target of securing the participation of 90 percent of private bondholders in the process.

He told Reuters that 39 banks and investment funds have already expressed their support for the program although the technical details for the swap are yet to be determined.

?There is progress,? he stated, adding that it was not clear whether investor participation would hit the 90 percent target.

Sources from the Finance Ministry as well as the European Commission argued that the final agreement is expected in September, and not in August as was originally expected.

Dallara noted that the extension of the swaps proposed will be for bonds maturing up to the year 2024, although the details are in the hands of the Greek government.