This week marks a seminal point for officials in the euro zone
to grasp ahold of the two-plus-year-old sovereign
crisis tearing through the region,
Private creditors to Greece, the recipient of two tranches of
international bailout aid since June 2010, will decide soon whether
to approve history's largest sovereign-debt swap. With a Thursday
deadline looming for investors to commit to the debt swap
equivalent to $140 billion in euros,
ministers are slated to conduct a teleconference the next day to
"If you have a sick child in the family, you don't abandon it, but
work on a remedy," Austrian Finance Minister Maria Fekter told a
state radio broadcaster on Saturday, according to Bloomberg.
"That's what we're currently trying to do with Greece."
Greece's leaders established a 75 percent participation rate that
will see investors relinquish nearly 54 percent of their principal
when exchanging for new Greek government
and additional notes from the European Financial Stability
The Associated Press
concerns about Greece's ability to draw private creditors weighed
on markets as the trade week began. Preoccupations also are
spreading regarding whether the economy of China, the globe's most
rapidly developing system, is cooling off, according to the AP.