The French bank pledged support aid Greek sovereign bond - insurance

July 28, the French bank and insurance, the company said it will fully support aid Greece plan, and promises to take out all hold expires in 2020 Greek bonds, or participate in debt swap, or debt postponed. Commitment that they hold gross investment of 15 billion euros ($22 billion) expires in 2020 of the bonds.

Before this, the French finance minister Francois Baroin, LuoAn (France) and central bank governor NuWaYe (Christian Noyer) meeting with French major Banks and insurance companies in the second round, discuss the plan after the Greek aid.

French bank and insurance company says will propose that the board of directors of the respective participating in the aid Greece took all expires in 2020 Greek bonds, total of 15 billion euros.

In this 15 billion euros, also including the Greek Geniki bank and bank of Emporiki held by Greek sovereign bonds. The two Banks were France Societe Generale industrial bank (France) and agricultural credit bank of the subsidiary body in Greece.

The eurozone leaders are continuing to Greek private creditors of the holdings of the extension or swap work, 54 billion euros, but gross private sector net contribution amount to much less.

Creditor?s rights in debt to hold party may swap or delay choose between, and may through the bonds repurchase program at a lower price the Greek debt sale.

A French government officials say, ?the French Banks and insurance companies on how to choose the current research, in order to choose the best of them, to practice the expected future weeks can do place a decision.?

French bank is one of Greece?s largest creditors of the bank for international settlements, according to the latest data shows, the French bank of Greek private and public debt overall net risk disclosure of $53 billion.

French finance minister and LuoAn quite welcome, he called for implementing aid plan, because as soon as possible for the market whether there has been too optimistic uncertainty, and worry about other eurozone members may also be in capital market through a difficult.

And LuoAn says, the decision announced confirmed the financial sector will France full part in the euro zone of stability plan.

Source: http://youandmeinsurance.com/2011/08/the-french-bank-pledged-support-aid-greek-sovereign-bond/

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