REPORTERNET.COM

Finance Minister Evangelos Venizelos said on Thursday the procedures regarding the management of Greek debt by the eurozone will be completed by mid-December. It is estimated that by then the rollover of Greek bonds with Private Sector Involvement (PSI) will have been completed and the details for the implementation of the July 21 agreement will have been set out.

Venizelos attributed the delay to the fact that there is no strategic European plan for the Greek debt issue and that Germany has now proposed Greek bond write-offs greater than 21 percent. “It’s only now that the discussion for broadening the effort for dealing with the public debt by the European partners has been thrown on the table. We are on razor’s edge. The country will either be bogged down or find a positive course,” he was reported to have told ruling PASOK party MPs.He said the July 21 agreement will either be rubber-stamped or be improved, stressing that Greece wants an institutionally guaranteed solution.Separately,a government source said a Cabinet meeting on Thursday that Greece is favorably disposed to anything that could strengthen the July 21 agreement and is seeking an institutional solution, legally safe for the eurozone and acceptable to the markets.“”We wish to keep the acquis of July 21 and it would be good if something is added to it,” he said.The source expressed reservations on whether the summit could adopt definitive decisions regarding the handling of the Greek debt crisis. He said the troika is currently drafting its report.Regarding rumors about a 50 percent “haircut” to Greek debt, the source said the government “has received no institutional proposal”.