Europe Agrees to Give Billions to Greece - Stephen Castle

http://www.nytimes.com/2011/07/03/business/global/03euro.html?_r=1&partner=rss&emc=rss

Talks with European banks on a voluntary debt rollover have proved complex enough that they may drag on well into the summer. One consideration is the need to create the package so that rating agencies do not classify it as a default — a blow to confidence that would undermine efforts to prevent contagion.
According to Germany’s finance minister, Wolfgang Schäuble, German banks are willing to roll over around 3.2 billion euros of Greek bonds maturing to 2014. France has a plan to involve its banks though the total amount has not been disclosed.