Bloomberg News

Greece’s Creditors Have Made Maximum Offer, BNP’s Prot Says

January 26, 2012

(See {DAVOS <GO>} for more on the World Economic Forum’s annual meeting.)

Jan. 25 (Bloomberg) -- Bondholders negotiating a debt swap with Greece have made their “maximum” offer, according to BNP Paribas SA Chairman Baudoin Prot. He spoke at the World Economic Forum’s annual meeting in Davos, Switzerland today.

“The offer that is now on the table is the maximum acceptable for a voluntary deal. All the elements are now in place. I hope the discussion in the next few days will enable all parties to reach a constructive agreement.”

“I am a cautious optimist. We are starting to see signs of a shift in sentiment towards Europe. The ECB three-year financing facility was really a catalyst. We are on the right track, but we need to keep moving forward.”

“We need each country to implement financial discipline. But not just about debt reduction. Europe also needs a growth strategy, a series of initiatives to open up the market, support innovation and competitiveness.”

“We need each country in the euro zone to make significant efforts to improve their finances and better European governance to support collective action.”

“We must be aware of the high risk of overshooting on regulatory rules that will negatively impact the ability of banks to finance the real economy, and particularly to support SMEs, which play a pivotal role in creating new jobs.”

--Editors: Edward Evans, Keith Campbell

To contact the reporter on this story: Christine Harper in Davos, Switzerland, on charper@bloomberg.net

To contact the editor responsible for this story: Otis Bilodeau at obilodeau@bloomberg.net


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