{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Greece strikes debt relief deal with IIF' data-url='/boclips/videos/5c54c1f9d8eafeecae156303' data-video-url='/boclips/videos/5c54c1f9d8eafeecae156303' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGreece strikes debt relief deal with IIF\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of news conference2. SOUNDBITE: (English) Charles Dallara, Managing Director, International Institute of Finance (IIF):\"Let me open by saying how pleased we are that common understandings were reached last night after lengthy...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of news conference\u003cbr/\u003e2. SOUNDBITE: (English) Charles Dallara, Managing Director, International Institute of Finance (IIF):\u003cbr/\u003e\"Let me open by saying how pleased we are that common understandings were reached last night after lengthy discussions and negotiations over a voluntary debt exchange for Greece. It will be up to individual investors to determine their own particular courses following their own internal processes, but from my point of view this is a solid deal for investors, a fair deal for all parties, and one that holds considerable benefits for Greece.\"\u003cbr/\u003e3. Cutaway of journalist\u003cbr/\u003e4. SOUNDBITE: (English) Charles Dallara, Managing Director, International Institute of Finance (IIF):\u003cbr/\u003e\"This is an unprecedented level of voluntary debt reduction, upwards of 100 billion (b) euro. We are stretching out maturities so that the cumulative impact of both the debt reduction and the new terms and conditions is such to remove from the next 8 years over 150 billion euro of maturities coming due. We have extended these new terms after debt reduction on highly concessional interest rates. All of this is a recognition of the fact that Greece is experiencing extraordinarily challenging times.\"\u003cbr/\u003e5. Cutaway of computer screen\u003cbr/\u003e6. SOUNDBITE: (English) Charles Dallara, Managing Director, International Institute of Finance (IIF):\u003cbr/\u003e\"By agreeing these terms and conditions and if they are embraced by individual investment firms around Europe, around the world, Greece will have been given a tremendous breathing space to implement the economic reforms that it has courageously set forth.\"\u003cbr/\u003e7. Cutaway of journalists\u003cbr/\u003e8. SOUNDBITE: (English) Charles Dallara, Managing Director, International Institute of Finance (IIF):\u003cbr/\u003e\"The result can be a tremendous opportunity for Greece to implement these reforms. New capital injected into the banking system, new credit flowing in the Greek economy, reforms unleashing higher levels of competitiveness and hopefully, in a future less distant that many have forecast, renewed growth and job creation.\"\u003cbr/\u003e9. Cutaway of journalists\u003cbr/\u003e10. SOUNDBITE (English) Jean Lemierre, co-chairman of the steering committee, International Institute of Finance (IIF):\u003cbr/\u003e\"I do hope that investors will, on a voluntary basis, join the deal. As Charles has said, it does represent efforts. The loss of value, depends on the way we calculate it, but the loss of value is above 70 percent. It depends on the way we calculate it, each of the institutions, we have our own approach, our own methodology but it's above 70 percent, which is large and substantial.\" \u003cbr/\u003e11. Cutaway of news conference\u003cbr/\u003eGreece has struck a vital debt relief deal with representatives of private investors to avoid a disastrous default. \u003cbr/\u003eThe agreement, which comes alongside a eurozone 130 billion (b) bailout package, will help shield Europe's already weak financial system, even though banks, pension funds and other bond investors have to accept multibillion-dollar losses.\u003cbr/\u003eThe Institute of International Finance (IIF), the global association of financial institutions, said the bond swap could see Greece's debt reduced by 107 billion (b) euro immediately. \u003cbr/\u003eOn top of that, investors will be asked to give Athens 30 years to repay them, compared with just under seven years. \u003cbr/\u003eAverage interest rates would fall to 3.65 percent from around 4.8 percent.\u003cbr/\u003e\"By agreeing these terms and conditions and if they are embraced by individual investment firms around Europe, around the world, Greece will have been given a tremendous breathing space to implement the economic reforms that it has courageously set forth,\" said Charles Dallara, the Managing Director of the IIF.\u003cbr/\u003eJean Lemierre, who was co-heading the talks for the IIF, said overall losses for private bondholders would be above\u003cbr/\u003e70 percent when accounting for the new bonds' longer repayment period and lower interest rate.\u003cbr/\u003eIt will take some time to see how many private creditors will participate in the debt relief and how many will have to be\u003cbr/\u003eforced to sign up through new legal clauses. \u003cbr/\u003eThe representatives of the private bondholders said they were confident that investors would find the deal attractive, but some analysts fear that imposing losses on even some bondholders may destabilise markets.\u003cbr/\u003ePrivate investors weren't the only ones having to give ground.\u003cbr/\u003eThe eurozone countries will reduce the interest that Greece has to pay for its first package of bailout loans to 1.5 percentage points over market rates from between 2 percentage points to 3 percentage points currently, cutting both its debt load and limiting the need for new rescue loans.\u003cbr/\u003eAt the same time, the European Central Bank and the national central banks in the countries that use the euro will forego profits on their Greek debt holdings, again reducing the costs for Greece.\u003cbr/\u003eThe countries that use the euro pulled Greece back from an imminent and potentially catastrophic default on Tuesday, when they finally stitched together a euro130 billion (b) (170 billion (b) US dollar) rescue they hope will also provide a lifeline to their common currency.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid 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