Business
Greece Resumes Talks With Private Creditors
Key talks between Athens and its private creditors are set to resume later to try to agree a debt write-off that would dramatically reduce Greece’s debt levels.
According to a BBC report, the two parties have so far failed to agree an interest rate on new bonds that would replace existing debts. If agreement can be reached, Greece should be in line for additional bailout funds.
Athens has said it hopes to reach a deal by Saturday.
Charles Dallara, head of the Institute of International Finance, which is representing Greece’s private creditors in negotiations with Athens, is set to resume talks on Thursday afternoon.
He was in Paris on Wednesday to discuss the negotiating position with creditors.
The IIF has said it wants the interest rate on newly-issued bonds to be four per cent, while Greece is holding out for a lower rate. Eurozone ministers have backed Athens and called for a rate of less than 3.5 per cent.
Dallara has indicated he is prepared for creditors to write-off 50 per cent of their loans to Greece, as agreed by eurozone leaders in October last year.
The head of the International Monetary Fund has also suggested that public sector creditors should write off some of their debts.
“If the level of Greek debt held by the private sector is not sufficiently renegotiated, then public sector holders of Greek debt should also participate in the efforts,” Christine Lagarde said on Wednesday.
Reaching an agreement with private creditors is a precondition of any further bailout funds from the European Union, European Central Bank and IMF.
They have indicated that 130 billion euros ($169 billion; £108 billion) is available if a deal can be struck. They are also insisting that Greece accelerates structural reforms to strengthen its economy before any funds are released.
Without the funds, Athens will not be able to make 14.5 billion euros of loan repayments that are due in March.
Agreement would also mean Greece’s massive debts would be dramatically reduced in one full swoop, as it would no longer have to repay half of the money it owes to its private creditors.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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