Vienna Initiative agreement sets in motion Greece deal

merkel-sarkozy

Germany and France look set to agree on a new bailout deal for Greece after German Chancellor Angela Merkel said she would back a Vienna-Initiative style arrangement for Greek bondholders.

The Wall Street Journal reported Merkel on Friday as saying a "Vienna initiative", a voluntary rollover of Greek bonds, could form the basis of a deal. "The aim is the participation of the private sector on a voluntary basis, and the Vienna initiative, as it is known, is a good foundation, and I think we can m

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