Bondholders make ‘final offer' in Greek debt stand-off

Private creditors negotiating with Greece over its debt restructuring have made a "maximum" offer over the amount of losses they will accept, according to reports.

Negotiations over the debt restructuring are now thought to centre on a loss of 65-70% of the value of current Greek bonds, according to Reuters. But details of the interest rate levied on new long-term bonds issued as part of a debt swap have yet to be finalised. Institute of International Finance chief executive Charles Dallara, negotiating on behalf of banks and insurers holding Greek debt, said the talks were at a "crossroads", suggesting the voluntary deal would be in jeopardy if the IMF pushed for further concessions on new debt. Talks over the extent of private sector involv...