Monday, February 13, 2012

Greek bond swap seen wrapped up in March

Greece's debt restructuring known as private sector involvement (PSI) will be completed in March and the country will hold elections the following month, the government's spokesman said today.

"The bond swap will be concluded in March," Pantelis Kapsis told reporters. "This government has one to one-and-a-half months left," the spokesman stressed. "We will finish up in March and elections will be held in April."

Greek political party leaders must give written commitments by Wednesday to implement austerity measures passed by parliament early today, government spokesman Kapsis also said.

The euro zone has demanded that major party chiefs give such undertakings so that the package of pay, pension and job cuts - the price for an EU/IMF bailout for Greece- will continue to be implemented whoever forms the next government after elections expected in April.

"Political leaders must give written commitments by Wednesday, possibly in a letter," Kapsis told reporters.