EIB to Share Central Bank’s Greek Exemption

EIB to Share Central Bank’s Greek Exemption
<a href="https://pixabay.com/users/stux/">stux</a> / Pixabay

EIB to Share Central Bank’s Greek ExemptionThe European Investment Bank, owned by the 27-member bloc, is getting exemptions from Greek debt writedowns in the same way as the euro area’s central bank, according to two regional officials familiar with the matter.

The European Central Bank negotiated a deal to avoid the 53.5 percent loss on principal that’s costing private investors as much as 106 billion euros ($143 billion). The EIB, which unlike its Frankfurt-based counterpart represents the entire European Union, also owns Greece’s debt and is sidestepping the so-called haircut in the same way, said the officials, who declined to be identified because the plan isn’t public.

Peter Munro, the head of investor relations and marketing at the EIB, declined to comment, as did a spokesman at the ECB.

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Read More: http://www.bloomberg.com/news/2012-02-28/european-investment-bank-said-to-share-ecb-exemption-from-greek-writedowns.html

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