Bloomberg News

IIF Says ‘Progress Has Been Made’ on Voluntary Greek Exchange

January 04, 2012

Jan. 3 (Bloomberg) -- The co-chairmen of the steering committee of the Greek debt exchange talks said “progress has been made in recent days.”

Charles Dallara and Jean Lemierre said it’s “essential that a voluntary agreement be concluded in the days ahead on the basis of the terms and parameters agreed in Brussels on October 26/27, 2011,” according to an e-mailed statement today from Frank Vogl, a spokesman for the Institute of International Finance.

The IIF, representing more than 450 financial firms, agreed in October in Brussels with European leaders to accept a writedown on their Greek holdings to help the country recover. The swap deal, part of a 130 billion-euro ($169 billion) second bailout agreement for Greece, is supposed to help the nation reduce its debt to 120 percent of gross domestic product by 2020.

Dallara is managing director of the IIF and Lemierre is a senior adviser to the chairman at BNP Paribas SA. They co-chair the Private Investor-Creditor Steering Committee for Greece.

--Editors: William Ahearn, Steve Dickson

To contact the reporter on this story: Michael J. Moore in New York at

To contact the editor responsible for this story: David Scheer at

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