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Greece in last chance debt talks


Greece in last chance debt talks


In a race against the clock, talks resumed on Thursday between Greece and its debtors.

They are haggling over how much of a loss those investors are prepared to accept on the Greek government bonds they bought.

Athens needs a deal quickly to avert a chaotic default which would trigger a banking crisis in the eurozone and beyond.

The top negotiator for the investors, Charles Dallara, met Prime Minister Lucas Papademos on Thursday evening as experts from both sides discussed technical details.

Those involved in the talks have said this must be settled before February 20 at the latest as Greece has 14.5 billion euros worth of bonds due for repayment in March.

The focus now is on the role of the European Central Bank which is under pressure to share the burden and take loses on its considerable Greek bond holdings.

The head of the ECB Mario Draghi repeatedly dodged questions on the issue earlier this month and sources at the central bank have said there are divisions over whether it should be prepared to forego its profits.

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