Greek banks propose taking part in buyback-sources

Published December 07, 2012

| Reuters

Greek banks have asked their boards for approval to take part in the country's sovereign debt buyback for up to the full amount of their bondholdings, two bankers said on Friday.

Greek banks, which hold an estimated 17 billion euros of bonds out of the 63 billion eligible for the buyback, are holding board meetings on Friday.

"The proposals by banks to their boards were positive on the buyback offer, asking for approval to participate by up to 100 percent," said one banker, who declined to be named.

Board approval does not necessarily mean banks will offer all of the Greek bonds they hold.

"All proposals (to bank boards) were positive, saying the offer is beneficial," the second banker said.

(Reporting by George Georgiopoulos)

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