French President Nicolas Sarkozy on Monday announced that French banks have reached a draft agreement to roll over holdings of maturing Greek bonds, part of a wider Eurozone plan to avoid default in the country.
Sarkozy told reporters here that banks would be offered 30-year Greek bonds with a zero coupon.
"We concluded that by stretching out the loans over 30 years, putting (interest rates) at the level of European loans, plus a premium indexed to future Greek growth, that would be a system that each country could find attractive," he said.