LONDON (Reuters) - The banking industry lobby group that helped restructure Greece’s government debt in 2012 is not involved in current talks between the country’s new leaders and authorities to ease the terms of its debt plan.
The Institute of International Finance (IIF) was not officially involved in the talks as Greece’s new leaders had indicated they were not including private sector debt in their request for restructuring, and focussing on public sector debt, said Hung Tran, IIF executive managing director.
The scale of Greece’s economic slump made it understandable leaders would want to try to soften the debt terms, such as by attempting to reduce interest payments or extending the maturity on the bonds, Hung said.
“There’s room for compromise, but the room for manoeuvre is very limited on either side and the time window is closing fast,” he told Reuters.
Reporting by Steve Slater; Editing by Matt Scuffham