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Dialogue over Greek debt write-down fails to reach solution over weekend

(Xinhua)

12:32, January 23, 2012

ATHENS, Jan. 22 (Xinhua) -- A crucial marathon dialogue between the Greek government and private creditors in Athens over a Greek debt write-down deal as part of international efforts to stave off a default within the eurozone, failed to reach a solution over the weekend.

The Greek government initially sought to present a draft agreement with the leading negotiators of private banks and hedge funds holding Greek bonds on the planned swap of part of the Greek debt at the eurozone Finance Ministers meeting in Brussels on Monday.

But the latest direct talks with the Institute of International Finance (IIF) Managing Director Charles Dallara held in Athens until early Saturday, and deliberations over the phone, as well as ongoing talks with a technical team of IIF which stayed at the Greek capital, had produced no concrete result until late Sunday.

According to the latest official statement by IIF released during the weekend, there had been made "substantial" progress until the departure of Dallara from Athens to Paris on Saturday, and "elements of a deal are coming into place."

In a quote by phone to Greek television channel Ant1 on Sunday evening Dallara expressed confidence that a deal will be reached. "We are at a crossroads. I am optimistic," he said.

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