STOCK MARKET WATCH - Friday, 27 January 2012

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34. Lagarde Keeps Pressure on Greek Creditors for Better Offer as Talks Resume

http://www.bloomberg.com/news/2012-01-27/lagarde-keeps-pressure-on-greek-creditors-for-better-offer-as-talks-resume.html

International Monetary Fund Managing Director Christine Lagarde maintained pressure on Greece’s private creditors to produce a better offer to reduce the nation’s debt burden in a bond swap being negotiated.

“Until now it was not appropriate to accept the creditors’ offer, so I’m pleased to see they’re back to the drawing board,” Lagarde told Bloomberg Television today in Davos, Switzerland.

Creditors, led by the Institute of International Finance’s Charles Dallara, are pursuing talks with the Greek government on a debt swap to lower Greece’s borrowings and avert a collapse of the economy. Greek Prime Minister Lucas Papademos will meet Dallara today at 6:30 p.m. in Athens.

European Union Economic and Monetary Affairs Commissioner Olli Rehn said separately in Davos that authorities are “very close” to reaching an agreement on a private-sector involvement in Greece this month. An agreement may come “if not today, then over the weekend,” he said.