Greece seeks Eurogroup ok on Monday to start debt swap

Greece expects to get approval from euro zone finance ministers on Monday to begin a debt swap scheme with private bondholders, the spokesman for the Greek government said on Thursday.

The issue of an escrow account to ensure Greek government revenues go towards servicing the debt remained unresolved, Pantelis Kapsis told reporters.

He also hit back at German Finance Minister Wolfgang Schaeuble’s comments noting that Italy had given its technocrat coalition a year to push through reforms.

Those comments were interpreted as a suggestion to delay elections in Greece, allowing technocrat Prime Minister Lucas Papademos additional time to implement reforms instead of holding elections as expected in April.

”I have nothing to say in response to Mr. Schaeuble -- it is absolutely up to Greece when to hold elections,” Kapsis told reporters. [Reuters]

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