Euro area heads endorse Vienna Initiative-style agreement

Greek flag

European heads of state on Friday endorsed plans by the Eurogroup to allow for voluntary private sector involvement to roll over Greece's mounting debt.

Euro area governments said they backed the Eurogroup's decision on June 20 to pursue voluntary private sector involvement and that additional funding for Greece will be financed through both official and private sources. It said an "informal and voluntary" rollover of existing Greek debt at maturity would substantially reduce the required year

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