Welcome to the TFC Commodity Trading Forum.
Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

TFC Commodity Trading Forum

Greek bondholders have made their best offer

Greek bondholders have made their best offer (by Barbara Kollmeyer)

MADRID (MarketWatch) -- Private holders of Greek debt have made the 'maximum offer' on losses they're willing to bear, said the creditor's lead negotiator Charles Dallara, managing director of the Institute of International Finance. According to media reports, Dallara said in an interview with Greek television on Sunday that the deal put forward to Greek authorities on Friday evening, which includes losses of 65% to 70% on the value of creditors' Greek debt holdings, was likely as far as his side would go. "I think it's clear we are at the limits of a voluntary deal," said Dallara. He said he remained "hopeful and confident" of a deal to prevent a Greek default over a €14.14 billion ($18.3 billion) bond due on March 20. But the Financial Times quoted one banker as saying that Friday's demand by official creditors, led by the International Monetary Fund, for a lower coupon rate on the new bonds, means a voluntary deal may no longer be possible. Both a debt swap and new fiscal program have to be in place before Greece gets another tranche of funding from a bailout package. Dallara would not say whether he plans another trip to Athens or will attend a Brussels European finance ministers meeting on Monday.