ECONOMY

Greek foreign-bond restructuring rejected in talks last week

Investors in Greek bonds issued under foreign law rejected the nation?s attempts to restructure the debt at talks held last week.

In 20 out of 36 meetings, bondholders either turned down the government?s proposal, adjourned the talks or failed to achieve a quorum, according to a press release on Monday from the Greek Public Debt Management Office.

Greece is trying to re-organize the rest of its debt after carrying out the biggest sovereign restructuring in history last month. The government is insisting there?s no money to fully pay holders of bonds issued under international law, after it forced investors in 197 billion euros of domestic-law securities to accept losses of about 70 percent.

The nation faces its first maturity on the international bonds on May 15, when a 450 million-euro floating-rate note falls due. The country has a 30-day grace period to make the payment, data compiled by Bloomberg show.

[Bloomberg]