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.

To contact the reporter on this story: Helene Fouquet in Paris at hfouquet1@bloomberg.net

To contact the editor responsible for this story: Mark Deen at markdeen@bloomberg.net