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Press Statement from the Co-Chairmen of the Steering Committee of the Private Creditor-Investor Committee for Greece

Athens, 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.

Under the circumstances, discussions with Greece and the official sector are paused for reflection on the benefits of a voluntary approach. We very much hope, however, that Greece, with the support of the Euro Area, will be in a position to re-engage constructively with the private sector with a view to finalizing a mutually acceptable agreement on a voluntary debt exchange consistent with the October 26/27 Agreement, in the best interest of both Greece and the Euro Area.

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