Greek officials are to continue talks with negotiators representing private creditors in an effort to hammer out a debt reduction deal essential for Greece to avoid bankruptcy, according to AP. Friday's talks come after Prime Minister Lucas Papademos met Thursday with Charles Dallara, head of the Institute of International Finance banking lobby, and Jean Lemierre, senior adviser to the chairman of French bank BNP Paribas. Private bondholders are being asked to forgive half their Greek debt, and in return accept cash payments and new bonds with longer maturities. Athens needs the deal before a Euro 14.5 billion bond repayment on March 20 that it cannot afford. A major sticking point is the interest rates the new bonds will carry. Talks were to continue Friday, possibly at a lower level of representation.
