Greece is seeking a British law firm to help negotiate revisions to its EU/IMF bailout deal and possibly a supplementary deal as it struggles to cope with its debt crisis, Greek newspapers reported on Tuesday.
Euro zone finance ministers said for the first time on Monday that they would consider asking Greece's private creditors to extend the maturities on their bonds to buy Athens more time to pay down its huge debt.
Daily newspaper Ethnos said talks to tweak or complement the 110 billion euro (96 billion pound) funding deal that Greece agreed with the EU and the IMF last May to avoid default would lead to new agreements.
"The finance ministry last week began procedures to find a British law firm with expertise in these matters to help in talks that will start very soon on a revision of the memorandum and possible changes to the funding deal," the newspaper said.
Eurogroup Chairman Jean-Claude Juncker on Monday left the door open to a "reprofiling" of Greece's debt, meaning investors would be encouraged to agree to an extension of the maturities of the bonds they hold. Some see this as another form of restructuring.
Finance ministry officials were not immediately available for comment.
Financial daily Imerisia also said on Tuesday the finance ministry had asked the state's legal council to find the most suitable law firm to handle the matter, citing Allen and Overy as a likely candidate to be retained by the Greek government.
The paper said the search for a British law firm was due to the fact that the initial funding deal was concluded under British law terms.
"Thus, it is essentially confirmed that the Greek side is ready to proceed to negotiations to sign a memorandum no. 2 and change the current loan contract, possibly with a lengthening of the repayment period," the paper said.
REUTERS
