June 27 (Bloomberg) -- President Nicolas Sarkozy said French banks are headed towards an agreement to roll over 70 percent of their holdings of Greek debt between now and 2014.
“We’ve been working on this,” on the “voluntary participation” in the roll-over, Sarkozy said at a press conference in Paris. “If it wasn’t voluntary, it would be viewed as a default, with huge risks of catastrophic results.”
He said he hoped other countries would follow the plan.
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