ECB Coene: Belgian Banks In Talks On Greek Debt Rollover
June 30 2011 - 8:20AM
Dow Jones News
Belgian banks are in ongoing talks with the country's central
bank and finance ministry about rolling over their Greek debt as
part of efforts to resolve the debt-stricken country's woes,
Belgian National Bank governor Luc Coene said Thursday.
"You have to gain time in the process to allow the adjustment
measures to take effect," Coene told reporters on the fringes of a
presentation about cross-border banking. "We had a first meeting
with banks to get agreement on the numbers, now the rest is with
the finance ministry."
Coene confirmed that the talks were aiming for a July 3
deadline, and that so far the country's three largest financial
institutions Dexia, KBC and insurer Ageas had been involved.
"To get an agreement you need one option," Coene said, noting
the aim is to get all institutions to agree to a single plan to
extend the maturities, adding that he was "surprised to see" it was
banks, rather than insurers, that had pushed for an extension of
25-30 years in neighboring France. "There is a need for a minimum
level of commitment... all the pieces have to come together," he
said.
The talks include the option of rolling over Greece's principal
debt to 2014, thereby enabling the country to borrow as normal, and
must respect the principle of burden-sharing, Coene added.
-By Frances Robinson, Dow Jones Newswires; +32 2 741 1486;
frances.robinson@dowjones.com
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