Greece urges ECB to partake in debt swap

The European Central Bank must take part in Greece’s debt swap, finance minister Evangelos Venizelos said yesterday, warning that a rescue package for Athens also hinges on other issues being resolved such as labour reforms and how Greek banks are to be recapitalised.

Prime Minister Lucas Papademos still hasn’t secured broad political support for yet more austerity — another key condition to clinch a deal and avoid a chaotic default. A meeting of political leaders has yet to be pinned down.

Officials have said repeatedly that a deal is around the corner, and EU Economic Commissioner Olli Rehn reiterated yesterday the debt swap deal could be agreed by the end of the week.