(Speaking exclusively to Reuters, Credit Agricole CEO Jean-Paul Chifflet's backing of an extension of Greek debt maturities was the first such statement by a European bank chief and set the ball rolling for banks to start weighing in on how they might take part in a fresh Greek aid package.)
Lionel Laurent and Matthieu Protard
MILAN, June 8 (Reuters) - French bank Credit Agricole (CAGR.PA), among the most exposed in Europe to Greece's debt-stricken economy, would support an extension of Greek sovereign debt maturities, its chief executive told Reuters.
Greece is in its third year of recession and facing a fresh wave of austerity measures as it tries to clinch a new bailout from international lenders amid sky-high borrowing costs.
"If we lighten Greece's sovereign debt load it should benefit the Greek economy and therefore the actors of the Greek economy," Jean-Paul Chifflet said on Wednesday. "I am very much in favour of this."
Credit Agricole has not yet been approached by authorities to discuss a possible extension of its 631 million euro ($924.5 million) Greek debt portfolio but this is likely to happen soon, the CEO added, speaking on the sidelines of a news conference.
Later on Wednesday evening, in an apparent bid to soften the CEO's stance, Credit Agricole issued a statement saying its support for a rollover of Greek debt maturities would be under the condition that "all private bondholders, not just banks, would be involved."
(Read on...)
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