ECONOMY

IIF expresses concern about Greek uncertainty

The man charged with negotiating on behalf of international banks the 50 percent haircut for Greek bondholders has expressed concern about the political instability in Greece.

Senior director at the International Institute of Finance (IIF) Hung Tran told Skai TV that Greece ?needs a government that has the support of the people and which is able to implement everything it has agreed.?

?We are watching the situation with concern and hope there will be a positive outcome.?

Under last week?s agreement in Brussels, holders of Greek bonds are to accept a 50 percent reduction on their investment in a move designed to lighten Greece?s debt load by some 100 billion euros.

Tran made it clear that negotiations between the IIF, which represents the banks holding Greek bonds, Athens and its eurozone partners could not proceed ?as long as there is uncertainty in Greece.?