The review, involving every major government department, emerged as the Prime Minister bluntly accused France and Germany of orchestrating “constant attacks” on the City of London through new EU red tape on the financial sector. Mr Cameron’s attack is the latest escalation in the tension over Europe since this week’s record rebellion by Conservative MPs demanding a referendum on the EU. Ministers at the Foreign Office are privately backing plans by back-bench MPs and peers to set out a “menu” of demands from the EU, including repatriating powers on employment regulations and human rights legislation. Some Tory MPs believe that the process should start next month when leaders begin formal talks on changing EU treaties to allow a rescue package for the eurozone. Conservative attempts to claw back power from the EU are likely to face opposition from their Liberal Democrat Coalition partners. Nick Clegg, the Deputy Prime Minister, said yesterday there was “no question” of Britain “unilaterally” repatriating powers from the EU. But he indicated that there was room for negotiation. He said Britain was “entirely within its rights” to defend its economic interests in Europe but argued the best way to do that was to “have a voice at the top table”. 
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Saturday, October 29, 2011
The review, involving every major government department, emerged as the Prime Minister bluntly accused France and Germany of orchestrating “constant attacks” on the City of London through new EU red tape on the financial sector. Mr Cameron’s attack is the latest escalation in the tension over Europe since this week’s record rebellion by Conservative MPs demanding a referendum on the EU. Ministers at the Foreign Office are privately backing plans by back-bench MPs and peers to set out a “menu” of demands from the EU, including repatriating powers on employment regulations and human rights legislation. Some Tory MPs believe that the process should start next month when leaders begin formal talks on changing EU treaties to allow a rescue package for the eurozone. Conservative attempts to claw back power from the EU are likely to face opposition from their Liberal Democrat Coalition partners. Nick Clegg, the Deputy Prime Minister, said yesterday there was “no question” of Britain “unilaterally” repatriating powers from the EU. But he indicated that there was room for negotiation. He said Britain was “entirely within its rights” to defend its economic interests in Europe but argued the best way to do that was to “have a voice at the top table”. 
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BRUSSELS (Dow Jones)--Private sector participation in Thursday΄s deal on a writedown of Greek debt is likely to be "very high," said Charles Dallara, the head of the Institute of International Finance.
But he said the IIF had made no commitment about the likely level of participation. "We think it΄s likely to be very, very high," he told reporters.
Dallara was at the center of a late-night deal between the IIF, which was negotiating for Greece΄s private creditors, and the euro zone.
Dallara said the critical moment came when he met with German Chancellor Angela Merkel, French President Nicolas Sarkozy and International Monetary Fund Managing Director Christine Lagarde just after midnight in Brussels.
"It took a meeting at that level to find common ground," he said
BRUSSELS (Dow Jones)--Private sector participation in Thursday΄s deal on a writedown of Greek debt is likely to be "very high," said Charles Dallara, the head of the Institute of International Finance.
But he said the IIF had made no commitment about the likely level of participation. "We think it΄s likely to be very, very high," he told reporters.
Dallara was at the center of a late-night deal between the IIF, which was negotiating for Greece΄s private creditors, and the euro zone.
Dallara said the critical moment came when he met with German Chancellor Angela Merkel, French President Nicolas Sarkozy and International Monetary Fund Managing Director Christine Lagarde just after midnight in Brussels.
"It took a meeting at that level to find common ground," he said.
Under the deal, whose details still have to be hammered out, Greece will see a nominal 50% cut in the face value of its bonds held by private investors. Governments have said a deal should be concluded by end-year.
However, the structure of the new bond swap is still to be worked out and the final net present value reduction in private creditors΄ bondholdings is yet to be fixed.
He said the deal would likely be a "simple straight voluntary exchange," less complex than the menu of options offered under the earlier proposed deal for Greece agreed in July.
The key sticking point in the negotiations was the desire on the IIF side to have new bonds offered in the exchange backed by collateral, he said.
Dallara said the IIF "attached a great deal of significance to this being voluntary ... We were not forced to do it."
The IIF chief confirmed the new bonds will be governed by English law.
"We wouldn΄t do in any other way," he said.
In a statement later, Joseph Ackermann, chairman of the IIF Board of Directors and Chairman of the Deutsche Bank AG board (DB), said the accord "provides an historical opportunity for Greece to revitalize its economy and reap the benefits of the difficult measures the Greek people have undertaken."
He said the IIF wants to work with the Greek and European authorities to draw up a "concrete agreement that can deliver an early reduction in Greece΄s debt" and put it "squarely on a path toward debt sustainability."
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