French Banks Scramble To Prevent Another Global Collapse

The threat of a Greek default has become so real that French banks, which constitute some of the top Greek debt holders, have intensified their efforts to ease the country's floundering finances, BusinessInsider reports..

French lenders, along with their government, have suggested a debt rollover program, the first private-sector proposal to help save Greece. The proposal suggests reinvesting 50% of maturing Greek debt into 30-year Greek government bonds between now and 2014. The new securities would pay a coupon close to current loans' interest rates, and offer a bonus for additional Greek gross domestic product (GDP) growth


Read more: http://moneymorning.com/2011/06/28/french-banks-scramble-to-prevent-another-global-collapse/#ixzz1Qdq7Gzjl