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Extending the maturity of bonds is the next step.
Angela Merkel, the German chancellor, said the Eurogroup was ready to consider extending the maturity on Greek loans.
He favors simply extending the maturity of existing notes by five years, at the same interest rate.
Among all of the options, extending the maturity of Greece's debt appears to be the most likely and politically palatable.
Increasingly, borrowers also seek her aid in modifying loan terms (for example, decreasing the principal payments and extending the maturity date) to cope with setbacks.
Mr. Bernanke summarized the Fed's recent actions to purchase additional agency mortgage-backed securities and continue extending the maturity of its Treasury holdings.
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Then, the report concludes, in addition to doubling the grace period for principal repayments and extending the maturities on Greece's loans, the country's creditors would have to write off more than fifty billion euros' worth of debts.
But it would be possible to relieve the debt burden by further extending the maturities on the loans, although these have already been stretched to an average of 30 or so years.
In a nod to IMF calls for debt relief, Merkel said there was room to ease the burden on Greece by extending the maturities on its debt and reducing interest rates.
The only question is when they can admit it by cutting the interest rates on Greece's bonds even closer to zero and extending the maturities even closer to forever.
On Sunday, Wolfgang Schäuble, the finance minister of Germany, suggested that extending the maturities of Greek bonds could be a way to help ease the country's debt crisis if private investors participated.
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