Greece races to tie up writedown deal before debt repayments fall due

http://www.guardian.co.uk

Greece races to tie up writedown deal before debt repayments fall due

Greece could default on debts if talks with investors break down and it fails to secure the next tranche of bailout cashGreece and its private-sector creditors are involved in a race against time to finalise a debt writedown deal over the next 48 hours that will prevent the troubled country from defaulting on its massive debts. The body negotiating on behalf of investors is adopting a tough stance amid concerns that a breakdown in the talks would result in Greece failing to secure the next tranche of its bailout cash from the European Union, the European Central Bank and the International Monetary Fund.