AP sources: Greek debt talks proving difficult (AP)

BRUSSELS ? European officials say talks with private creditors on how to reduce Greece's massive debts are proving difficult.

One official said Friday that representatives from big banks and investment funds who are currently negotiating with Greek and European officials the terms of the debt restructuring "are not making it easy."

"It will take time," the official warned. A second official confirmed that a final deal on the debt relief was still elusive. Both officials were speaking on condition of anonymity because of the sensitivity of the issue.

Eurozone governments and bank representatives in October reached a deal to reduce Greece's debt load to 120 percent of economic output by 2020, but it will depend on the exact terms to convince enough financial institutions to participate voluntarily.

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/ap/20111216/ap_on_bi_ge/eu_greece_financial_crisis

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