By William James and Renee Maltezou LONDON / ATHENS (Reuters) – The new Greek government dropped its call for a remission of their international debt and proposed ending the concern of official creditors on Monday by an exchange of debt tied to growth bond, a week after being elected with the promise to end austerity. Finance Minister Yanis Varoufakis who traveled to London to reassure private investors not seeking a confrontation style of “Wild West” with Brussels for a new debt deal, said his government would prevent losses for private bondholders, according to a source Reuters. The revealed proposals, which include a commitment to reform Greek economy, in marked contrast to the raucous Athens Government’s statement last week that would remove the severe austerity conditions imposed by the current bailout program. However, it was unclear whether they would be accepted by one of the most influential members of the euro zone, Germany, which is opposed to soften the bailout terms . Varoufakis had not discussed the exchange with authorities in the European Union or the International Monetary Fund, the source, who has direct knowledge of the plans but asked not to be named because of the sensitivity of the matter said. The finance minister also said he had not valued the exchange, according to the source, and described it as “a work in progress.” “These bonds held by the ECB at this time can be restructured. You may turn them into perpetual bonds, or debt tied to growth, “the source said. ” The same goes for a percentage of bilateral bonds held by the public sector, “he added. Continued …
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