France: Second Greek bailout plan might only be ready in September

A second Greek bailout plan might only be ready for September, new French Finance Minister Francois Baroin said Wednesday, confirming reports that the European Union is giving itself more time to hammer out a plan with private investors, DPA reported.

"In the weeks to come we will start discussing the next support plan for Greece...We must be ready for September," Baroin told France's Europe 1 radio.

Last week EU members signed off on the last 12-billion-euro (17-billion-dollar) tranche of Greece's first 110-billion-euro rescue package, saving the Mediterranean country from bankruptcy.

But Greece needs up to 120 billion euros more to remain solvent beyond 2012.

Leading eurozone banks were meeting in Paris Wednesday to discuss how the private sector could contribute to a second plan, by rolling over part of their holdings of Greece's sovereign debt.

The French government and banks have come up with a proposal, which would see private lenders reinvest 70 per cent of loans repaid by Athens when they fall due, with 50 per cent of the amount reinvested going into loans with a term of 30 years.

The proposal would amount to banks rolling over half their holdings of Greek debt due to mature in the next three years for 30 years.

That option was discredited Monday by leading credit rating agency Standard & Poor's, which said it considered that the plan "would likely amount to a default."

The Financial Times said Tuesday the banks would discuss a new proposal that would "sweeten the terms" of the French plan.

The issue will dominate discussions Thursday in Berlin between Baroin and his German counterpart Wolfgang Schaeuble.

"We will discuss it (a second bailout) with the Germans, we have several weeks ahead of us," said Baroin, who became finance minister last week after Christine Lagarde was appointed head of the International Monetary Fund.

The EU had previously been expected to come up with a plan this month.

Saudi Arabia to hold Hajj ritual under COVID-19 measures
Saudi Arabia to hold Hajj ritual under COVID-19 measures
Emirates to fly medical aid to India for free
Emirates to fly medical aid to India for free
Egypt to start producing Chinese Sinovac coronavirus vaccine in June: Health minister
Egypt to start producing Chinese Sinovac coronavirus vaccine in June: Health minister
Loading Bars
Latest
Poll shows 60% of Japanese want Games cancelled
Ministry discloses number of ships received by big port in southern Turkey in 1Q2021
Brazil reports 1,024 more deaths from COVID-19
UN Security Council to discuss East Jerusalem tensions on Monday
Gaza militants fire 2 rockets at southern Israel: military
Saudi Arabia to hold Hajj ritual under COVID-19 measures
Hamilton overtakes Verstappen to win F1 Spanish GP
UK records another 1,770 coronavirus cases, 2 deaths
EU has not ordered AstraZeneca vaccines beyond June - Commissioner
Emirates to fly medical aid to India for free
WHO records over 786,000 new daily cases of COVID-19 worldwide
Azerbaijan marks 98th birthday anniversary of National Leader Heydar Aliyev
Kazakhstan becomes main importer of Uzbek cars
Iran, India discuss expansion of trade relations
Turkey's COVID-19 cases maintain downward trend amid lockdown
Georgian NCDC Deputy Head hopes for better epidsituation in summer if cases do not surge in May
Enmity with Turks is catastrophe not only for Armenia, but for entire region - Pashinyan
Lukashenko, Putin agree to meet soon
President Ilham Aliyev makes Facebook post on 98th anniversary of national leader Heydar Aliyev (PHOTO)
Egypt to start producing Chinese Sinovac coronavirus vaccine in June: Health minister
South Sudan president dissolves parliament in line with peace deal
Israeli gov't approves aid plan for leading airlines
Belarus president signs decree on transition of powers in case of emergency
Progress achieved under Azerbaijan’s national leader Heydar Aliyev paved way for liberation of occupied lands in 2020 – Sobhani
Sunflower imports down in Georgia
Kyrgyz FM to visit China
Expert consultations continue in Vienna between Iran
New COVID-19 cases in Turkey lowest since March
Israeli gov't approves aid plan for leading airlines
Iran's Energy Exchange announces products to be on sale on May 10
Turkey discloses number of ships received by Zonguldak port in 1Q2021
National Gymnastics Arena in Baku has best conditions - Сoach of Egyptian team
Emotions after competition are positive - bronze medalists of World Cup in Baku, Azerbaijani team
Azerbaijan Army holds several events on occasion of 76th anniversary of Victory (PHOTO)
Uzbekistan increases export of textile products
Georgian President to visit North Macedonia on May 10
MasterCard intends to work with Turkmenistan to improve level of electronic payments
Gazelli Group congratulates Second World War veterans in its own unique way (PHOTO)
Azerbaijan shares data on number of vaccinated citizens for May 9
Azerbaijan reports 660 new COVID-19 cases, 1,539 recoveries
Azerbaijani ombudsman appeals to international organizations
Bulgarian team takes first place at World Cup in Baku in group exercises with three hoops and two pairs of clubs
Discussions underway to resume Tabriz-Baku flights - Iranian official
Awarding ceremony held within Rhythmic Gymnastics World Cup in Baku (PHOTO)
Iran reveals COVID-19 data for May 9
Turkey discloses volume of cargo transshipped through Aliaga port
Bulgarian gymnast grabs gold in exercise with ribbon at Rhythmic Gymnastics World Cup in Baku
76th anniversary of Victory in Great Patriotic War celebrated in Shusha (PHOTO)
Israeli gymnast grabs gold in exercise with clubs at Rhythmic Gymnastics World Cup in Baku
Leadership of Azerbaijani MoD paid tribute to memory of compatriots, who died in Great Patriotic War (PHOTO)
Baku holds award ceremony of winners and prize-winners of Rhythmic Gymnastics World Cup at National Gymnastics Arena (PHOTO)
Italian gymnast grabs gold in exercise with ball at Rhythmic Gymnastics World Cup in Baku
Israeli gymnast grabs gold in exercise with hoop at Rhythmic Gymnastics World Cup in Baku
Azerbaijani team grabs bronze in exercise with 5 balls at Rhythmic Gymnastics World Cup in Baku
Final day of Rhythmic Gymnastics World Cup starts in Baku - Azerbaijani graces competing for medals (PHOTO)
Industrial enterprises to be put into operation in Iran’s Tehran Province
Azerbaijani Economy Ministry announces winner of tender on assessment of feasibility study
Turkey discloses number of ships received by Bandirma port from Jan. through March 2021
Azerbaijani president, first lady pay tribute to Azerbaijanis who made unparalleled contribution to victory over fascism (PHOTO/VİDEO)
EU and India agree to resume trade talks at virtual summit
Azerbaijan strongly condemns attempts to distort truth about WW2, justify fascism - MFA
First Vice-President Mehriban Aliyeva makes Instagram post on Victory Day over fascism (PHOTO)
India's COVID-19 tally surpasses 22 mln with over 400,000 new cases
China’s Long March-5B carrier rocket’s last stage enters atmosphere
Brazil sees 2,202 more COVID-19 deaths
Red Cross to hand over Georgia 100 thousand Sinopharm vaccine shots
Russia's 2M2021 import of Turkish cars grows in value
Turkey reports 18,052 new COVID-19 cases, 5,016,141 in total
“Covo-Pasteur”, “Barakat” vaccine to hit market soon: Rouhani
Daily COVID-19 case count at 2,350 in Kazakhstan
China reports 12 new COVID-19 cases vs seven a day earlier
Chile reports third consecutive day of over 6,000 daily COVID-19 cases
UN remembers the dead of WWII
2 people, including child, shot in NYC Times Square
Attack on Syrian government forces repelled in Idlib, at least ten militants killed
WHO records over 817,000 new daily cases of COVID-19 worldwide
Iraq decides to quarantine evacuees from India for 14 days as total cases hit 1,108,558
UK records another 2,047 coronavirus cases, 5 deaths
Azerbaijan marks Day of Victory in Great Patriotic War
Iranian trucks do not transport goods to Karabakh - Iranian embassy
NCDC: Georgia to receive extra half a million Sinopharm vaccine doses in June
Iran may extend cooperation on inspections with IAEA
Consumers must protect IoT devices - Fortinet
Azerbaijan’s Baku city has beautiful National Gymnastics Arena – Russian gymnast
Baku holds awarding ceremony of Rhythmic Gymnastics World Cup (PHOTO)
Azerbaijani team reaches finals in group exercises as part of Rhythmic Gymnastics World Cup (PHOTO)
WB plans to issue loan to finance another road project in Azerbaijan
Any attempt to glorify fascism is disgusting - Russian expert
Group team competitions underway in Baku as part of Rhythmic Gymnastics World Cup (PHOTO)
Azerbaijani ADA University sсreens film timed to Day of Victory in WWII (PHOTO)
Azerbaijan names finalists in exercise with clubs as part of gymnastics World Cup in Baku
Azerbaijani gymnast reaches finals in exercise with ribbon as part of World Cup in Baku
Iran providing much needed mechanization for farmers in Qazvin Province
Germany’s import of steel from Turkey up
Azerbaijani president allocates funds for construction of new school in Shusha
Funds allocated for construction, repairs of educational institutions in Baku
Uzbekistan interested in co-op with French pharmaceutical company
Funds allocated for creation of heat supply system in Azerbaijan’s Shusha
France’s import of steel from Turkey up
Iran's Energy Exchange announces products to be on sale on May 9
All news