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French banks will participate in the European aid plan for Greece

French banks welcome the agreement between the eurozone's heads of government for a new assistance plan for Greece. This agreement, made at the highest political level, shows the European authorities' commitment to ensuring the euro area's financial stability and overcoming the Greek debt crisis.

The programme includes an important new element as it authorises the European Financial Stability Facility (EFSF) to buy Greek bonds in the secondary market. This provides the authorities with an additional financing instrument and reflects the eurozone's solidarity. The programme also includes several options that correspond to the situations of the different private sector creditors and give Greece time in satisfactory conditions. The European Council has emphasised the unique and exceptional nature of the private sector's participation in this programme.

In the current circumstances, the exceptional participation of all financial investors is both possible and desirable. The leading French banks will soon propose their participation in the programme to their governing bodies. This demonstrates the French banks' ongoing responsible approach, under which they have met their commitment to hold onto their Greek debt since May 2010, as requested by the government, and made concrete proposals - adopted by the IIF - concerning the private sector's participation in a programme that will enhance the credibility of Greece's recovery.


Colette Cova
email : ccova@fbf.fr
Tel : 01 48 00 50 07

Céline Thomas
email : cthomas@fbf.fr
Tel : 01 48 00 50 70

Crisis |  FBF
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