Sunday, January 22, 2012

Greek debt deal hit snag

The chief negotiators for Greece's private creditors have left Athens without securing a deal to write off some of the country's debts.

The Institute of International Finance (IIF), which represents the creditors, said a technical team would remain to work on the details and negotiations would continue on the phone.

Greece had hoped an agreement would be in place by the end of the weekend.

It needs a deal if it is to receive the next tranche of bailout funds.

The 130bn euro ($168bn; £108bn) rescue package from the EU and IMF is crucial if Greece is to meet its next debt repayment deadline in two months.

The Institute of International Finance (IIF), which represents the private creditors, denied that its managing director Charles Dallara and his adviser Jean Lemierre had left unexpectedly on Saturday, saying that they had "longstanding personal appointments".

A deal now seems unlikely before eurozone finance ministers meet on Monday. Read More