Bloomberg News

Sarkozy Says French Banks Working on 70% Rollover of Greek Debt

June 27, 2011

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

To contact the editor responsible for this story: Mark Deen at

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