The Greek government expects to wrap up talks seeking a 50 per cent writedown on its debt owed to creditor banks by the end of this month, after banks appeared to make concessions on the terms they would accept under a new bailout, said people with knowledge of the situation.
In exchange, Greece has agreed to consider that the new bonds be governed by English law, which means creditors would be allowed to seize Greek assets if the country fails on its payments. Until now Athens had refused to offer such collateral.
For more: Greece moves towards debt deal | The Australian
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