Greek debt talks fail to find solution

The International Monetary Fund annual meetings wrapped up in Washington on Sunday with widespread concern over the eurozone sovereign debt crisis but no immediate consensus on the solution.

Participants said they were waiting for the ratification of the action plan agreed on July 21 by the eurozone, particularly by the German Bundestag this week, before starting serious negotiations on increasing the rescue fund's firepower or asking for a bigger writedown in private sector holdings of Greek debt.

Meanwhile, Greece continued to insist it would not default, despite widespread private pessimism among attendees at the meetings.

Josef Ackermann, chief executive of Deutsche Bank, on Sunday criticised suggestions among some G20 officials about revisiting a planned rescheduling of private bondholdings -- a central part of a planned second eurozone-IMF rescue package for Greece agreed in principle on July 21. more