The hopes of a deal between Greece and private creditor which own some of its sovereign paper faded again today. According to several accounts, representatives of the creditors left the country in the last 24 hours. Talks may continue, but will not be face to face. Private creditors still resist taking more than a 50% write down on their holdings. If they refuse to settle with the Greek government, it could trigger a default. Greece is due a payment in March from a fund established by the EU nations and the IMF. A failure to resolved matters with private holders would, based on current plans, prevent that payment from being made.
According to Reuters
A lot of progress has been made on the details of the plan during talks between Athens and Institute of International Finance chief Charles Dallara, sources say, but any deal needs the approval of the IMF and euro zone countries, who insist on a substantial cut in the debt load.
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