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Greece: Fitch says near default, Private creditors confident deal will get done

Greek prime minister Lucas Papademos. Photo Credit Jock Fistick Bloomberg

The rating agency Fitch said today that Greece´s default is almost inevitable, but the negotiators in Greece are saying they are near a deal with private creditors that would give them cash and securities with a market value of about 32 cents per euro of government debt, according to Bruce Richards, a hedge-fund manager on the creditors’ committee.

“I’m highly confident the deal will get done,” said Richards, chief executive officer of New York-based Marathon Asset Management LP, in a telephone interview today with Bloomberg Businessweek.

Marathon, which has $10 billion under management, is…READ MORE HERE