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Private Creditor-Investor Group on Greece Forms Steering Committee to Pursue Bond Negotiations

Washington D.C., November 28, 2011 — (NB: List updated December 21, 2011):

Following a decision made at a meeting in Frankfurt on November 17 to form a new Private Creditor-Investor Committee on Greece, the group has now appointed a Steering Committee to conduct negotiations on a voluntary PSI for Greece with the Greek and Euro Area authorities. The Co-Chairmen of the Steering Committee are Mr. Charles Dallara, IIF Managing Director, and Mr. Jean Lemierre, Senior Advisor to the Chairman, BNP Paribas.

The Private Creditor-Investor Committee for Greece encompasses the bulk of the private sector holders of Greek Government bonds.

Mr. Dallara stated, “We look forward to entering a new phase of negotiations with the Greek and the Euro Area authorities in the near future in order to finalize the details of a voluntary restructuring of Greece’s sovereign debt. We remain committed to reaching a voluntary PSI agreement on the basis stated in the October 27 Brussels communiqué of the heads of state that calls for collective, common efforts by the Greek and Euro Area authorities and private investors to develop the agreed upon bond exchange by the end of the year.”

Mr. Lemierre noted, “We welcome the formation of the Steering Committee that can advance the goals of the Private Creditor-Investor Committee in negotiations with the authorities. Our work will build on the voluntary agreement that was reached in Brussels that entails a voluntary 50% upfront nominal debt reduction of the privately held Greek Government bonds and the provision of Euro Area official support of €30 billion for credit enhancements under the PSI.”

Thirty-two institutions have agreed to become members of the Private Creditor-Investor Committee to-date and more are expected to join. The IIF serves as the Secretariat to the Committee.

Private Creditor-Investor Committee Members

(as of December 21, 2011)
(* denotes members of the Steering Committee)

1.Ageas
2.Allianz*
3.Alpha Eurobank*
4.Axa*
5.Bank of Cyprus
6.Bayern LB
7.BBVA
8.BNP Paribas*
9.BPCE
10.CNP Assurances*
11.Commerzbank*
12.Credit Agricole
13.DekaBank
14.Deutsche Bank*
15.Dexia
16.Emporiki Bank of Greece
17.Generali
18.Greylock Capital Management*
19.Groupama
20.HSBC
21.ING*
22.Intesa San Paolo*
23.Landesbank Baden-Württemberg*
24.MACSF
25.Marathon Asset Management
26.Marfin Popular Bank
27.Metlife
28.National Bank of Greece*
29.Piraeus Bank
30.Royal Bank of Scotland
31.Société Générale
32.Unicredit


On November 28, 2011 the press release contained the following listing:

Thirty institutions have agreed to become members of the Private Creditor-Investor Committee to-date and more are expected to join. The IIF serves as the Secretariat to the Committee.

Private Creditor-Investor Committee Members

(as of November 28, 2011)
(* denotes members of the Steering Committee)

1 .Ageas
2. Alpha Eurobank*
3. AXA*
4. Bank of Cyprus
5. BayernLB
6. BBVA
7. BNP Paribas*
8. BPCE
9. CNP Assurances*
10. Commerzbank*
11. Crédit Agricole
12. DekaBank
13. Deutsche Bank*
14. Dexia
15. Emporiki Bank of Greece
16. Generali
17. Greylock Capital Management
18. Groupama
19. HSBC
20. ING*
21. Intesa San Paolo*
22. Landesbank Baden-Württemberg*
23. MACSF
24. Marathon Asset Management
25. Marfin Popular Bank
26. National Bank of Greece*
27. Piraeus Bank
28. Société Générale
29. Unicredit
30. Vega Asset Management*

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