Exclusive: Banks discuss new Greek rollover plan: source

Source: Reuters

National finance officials are discussing with banks and insurers a proposal to replace existing Greek debt with a different type of bond in a deal they hope will persuade credit rating agencies to refrain from declaring Athens in default of its obligations, two senior European banking sources told Reuters.

The proposal foresees a voluntary rollover of debt into securities of a different and not comparable credit composition to avoid agencies moving Greece to default status, the sources said.

"Only by a completely different composition of the bonds would the rating agencies see the restructuring as voluntary and not declare Greece insolvent," said one senior German banker.

Euro zone governments are discussing a second bailout package for Greece that would run from 2011 to 2014 and could amount to 120 billion euros ($170 billion), including up to 30 billion euros from the private sector.

Read more: http://www.reuters.com/article/2011/06/24/us-banks-greece-idUSTRE75N1WZ20110624

you're ruined.

HEY GREECE! DO WHAT ICELAND DID-!!!NOW!!!