EU Rehn Expects Greek Private Debt Deal By "End Of This Week"

A deal to restructure Greece's private-sector debt should be completed "by the end of this week," the European Union's economics chief said today.

Completion of the deal, aimed at halving EUR206 billion of privately held Greek debt, was a precondition for the country to receive a second bailout, Olli Rehn, EU commissioner for economic and monetary affairs, said in comments to the Dutch parliament. Talks to restructure Greek debt with private-sector representatives are dragging into a fifth week, with signs of progress from Athens, though a final announcement is still elusive.

"An agreement on substantial involvement of the private sector to reduce Greek public debt is a key condition for a second EU financial assistance program for Greece," Rehn said.

EU Rehn Expects Greek Private Debt Deal By "End Of This Week" - WSJ.com