PSI Developments
Statement on Behalf of the Co-Chairmen
January 28, 2012 — Mr. Charles Dallara and Mr. Jean Lemierre, Steering Committee Co-Chairmen of the Private Creditor-Investor Committee for Greece, stated: “We continued discussions today with Greek Prime Minister Lucas Papademos and Deputy Prime Minister and Finance Minister Evangelos Venizelos over the elements of a voluntary debt exchange. Further progress was made, building on the understandings reached yesterday on the key legal and technical issues. We are close to the finalization of a voluntary PSI within the framework expressed publicly earlier this week by Luxembourg Prime Minister Jean-Claude Juncker in his capacity as Chairman of the Eurogroup. We expect to conclude next week as discussions on other issues move forward.”
Note to reporters: Mr. Dallara and Mr.Lemierre will be leaving Athens tomorrow and will remain in close consultation with Greek and other authorities.
Euro Area Crisis Seen as Major Factor in Sharp Reduction in Net Private Capital Flows to Emerging Markets
January 23, 2012 — The IIF said net private capital flows to emerging markets this year are likely to total $746 billion, down from an estimated $910 billion in 2011, which in turn is a decline from the 2010 level of $1,040 billion. On the assumption of a gradual stabilization of the European economic situation in the course of this year and a revival of albeit subdued growth in Europe in 2013, the IIF projects a recovery in flows next year to around $900 billion.
Press Statement from the Co-Chairmen of the Steering Committee of the Private Creditor-Investor Committee for Greece
January 13, 2012 — Charles Dallara and Jean Lemierre, Co-Chairs of the Steering Committee of the Private Creditor-Investor Committee (PCIC) for Greece, continued discussions today in Athens with Prime Minister Lucas Papademos and Deputy Prime Minister and Finance Minister Evangelos Venizelos on a voluntary PSI for Greece, against the background of the October 26/27 Agreement with the Euro Area Leaders. Unfortunately, despite the efforts of Greece’s leadership, the proposal put forward by the Steering Committee of the PCIC—which involves an unprecedented 50% nominal reduction of Greece’s sovereign bonds in private investors’ hands and up to €100 billion of debt forgiveness— has not produced a constructive consolidated response by all parties, consistent with a voluntary exchange of Greek sovereign debt and the October 26/27 Agreement.
Press Statement from the Co-Chairmen of the Steering Committee of the Private Creditor-Investor Committee for Greece
January 12, 2012 — Charles Dallara and Jean Lemierre, Co-Chairs of the Steering Committee of the Private Creditor-Investor Committee for Greece, met today in Athens with Prime Minister Lucas Papademos and Deputy Prime Minister and Finance Minister Evangelos Venizelos to discuss the voluntary PSI for Greece, against the background of the October 26/27 Agreement with the Euro Area Leaders. A range of issues were discussed and some key areas remain unresolved. Discussions will continue in Athens tomorrow, but time for reaching an agreement is running short.
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