1 COPPER MINER'S $10B BET COMES TO LIFE IN PANAMA JUNGLE WWW.MINING.COM PUBLISHED:2019/02/15      2 TRADE UNIONS REQUEST PM TO FOCUS ON INTEREST RATE CUT WWW.ZGM.MN PUBLISHED:2019/02/15      3 MONGOLIA’S HOURLY WAGE TO REACH USD 1 WWW.NEWS.MN PUBLISHED:2019/02/15      4 US NARCOTICS BY POST TO MONGOLIA! THREE ARRESTED WWW.NEWS.MN PUBLISHED:2019/02/15      5 WRITER D.URIANKHAI NOMINATED FOR THE NOBEL PRIZE WWW.MONTSAME.MN PUBLISHED:2019/02/15      6 MONGOLIA-CHINA-RUSSIA ECONOMIC CORRIDOR BENEFITS ALL SIDES: OFFICIAL WWW.XINHUANET.COM PUBLISHED:2019/02/15      7 SOLAR EMPOWERMENT OF NOMADS IN RURAL MONGOLIA WWW.GREENOPTIMISTIC.COM PUBLISHED:2019/02/15      8 MONGOLIA, CUBA TO BOOST BILATERAL RELATIONS WWW.PLENGLISH.COM PUBLISHED:2019/02/15      9 GOOGLE OUTLINES $13BN US INVESTMENT WWW.BBC.COM PUBLISHED:2019/02/14      10 NATIONAL DEVELOPMENT AGENCY TO COOPERATE WITH JAPAN’S MIZUHO BANK WWW.MONTSAME.MN PUBLISHED:2019/02/14      “ОЮУ ТОЛГОЙ” КОМПАНИ 570 ТОННЫ ДААЦТАЙ CAT БРЭНДИЙН ГИДРАВЛИК ЭСКВАТОРООР ХҮЧЭЭ СЭЛБЭЛЭЭ WWW.GOGO.MN  НИЙТЭЛСЭН:2019/02/15     ӨРХИЙН САРЫН ДУНДАЖ ОРЛОГО 78,000 ТӨГРӨГӨӨР ӨССӨН Ч ЗАРЛАГА ДАВСАН ХЭВЭЭР БАЙНА WWW.IKON.MN НИЙТЭЛСЭН:2019/02/15     АВСТРАЛИЙН ЭЛЧИН САЙД ДЭВИД МЭТЬЮ ВОСЭН ИТГЭМЖЛЭХ ЖУУХ БИЧГЭЭ ӨРГӨН БАРИВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/15     2018 ОНД МОНГОЛ УЛСЫН ЭДИЙН ЗАСАГ 6.9 ХУВИАР ӨСЛӨӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     МХБ: II/15-НЫ БАЙДЛААР 8 КОМПАНИ ХЭХ-ЫН ТОВОО ГАРГААД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     2017 ОНД 1.9 ТЭРБУМ ТӨГРӨГИЙН АЛДАГДАЛТАЙ АЖИЛЛАСАН “УЛААНБААТАР БҮК” 2018 ОНД 566 САЯ ТӨГРӨГИЙН АШИГТАЙ АЖИЛЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/02/15     ОРХОН ТҮҮХИЙ НҮҮРСНЭЭС ТАТГАЛЗСАН АНХНЫ АЙМАГ БОЛНО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2019/02/15     АТГ-ААС НЭР БҮХИЙ 6 ШҮҮГЧИЙГ ШАЛГАЖ ЭХЭЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2019/02/15     МОНГОЛ УЛС ДЭЛХИЙН 77 ОРОНД БАРАА ЭКСПОРТОЛСНООС ХЯТАДАД 93%-ИЙГ НЬ НИЙЛҮҮЛЖЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14     АВТО МАШИНЫ ИМПОРТ 2018 ОНД 30% ӨСӨЖ, 86,296-Д ХҮРЧЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/02/14    

Events

Name organizer Where
“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ Mongolian Business Database London UK
SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA The Center for American and International Law (CAILAW) Plano Texas June 17-18 2019
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Berkshire takes huge bite of Apple, boosts airline stakes www.reuters.com

 
Warren Buffett's Berkshire Hathaway Inc (BRKa.N) was an aggressive buyer of stocks in last year's fourth quarter, nearly quadrupling its stake in Apple Inc (AAPL.O) and increasing its stake sevenfold in the four biggest U.S. airlines.
 
In a regulatory filing, Berkshire reported owning 57.4 million shares of Apple as of Dec. 31, which would now be worth $7.74 billion, up from just from 15.2 million shares in the iPhone maker three months earlier.
 
Berkshire also reported a $9.3 billion airline stake, with investments topping $2.1 billion in each of American Airlines Group Inc (AAL.O), Delta Air Lines Inc (DAL.N), Southwest Airlines Co (LUV.N) and United Continental Holdings Inc (UAL.N).
 
It also disclosed new stakes in satellite radio company Sirius XM Holdings Inc (SIRI.O) and seed company Monsanto Co (MON.N), which is being bought by Germany's Bayer AG (BAYGn.DE).
 
Though it is unclear who make which investments, the filing appears to reflect much of the $12 billion of stock that Buffett said he had bought between the Nov. 8 Presidential election and the end of January.
 
Larger Berkshire investments such as Wells Fargo & Co (WFC.N), Coca-Cola Co (KO.N) and International Business Machines Corp (IBM.N) are normally Buffett's, but the 86-year-old billionaire has given his deputies Todd Combs and Ted Weschler more to invest over the years.
 
Berkshire's initial investment in Apple got attention last year, given Buffett's usual aversion to technology companies - apart from IBM - which he considers outside his zone of competence.
 
The new, larger stake makes Berkshire one of Apple's 10 biggest investors.
 
"I'm stunned to see the size of that Apple position," said Thomas Russo, who oversees $11 billion of assets, including 12 percent in Berkshire, at Gardner Russo & Gardner in Lancaster, Pennsylvania.
 
Berkshire did not respond to a request for comment.
 
The Omaha, Nebraska-based conglomerate also owns roughly 90 companies such as the BNSF railroad, Geico car insurance and Dairy Queen ice cream.
 
Its Class A shares closed on Tuesday up $2,078.95 at $250,419, a record high closing price and less than 0.2 percentage points below its all-time high on Dec. 14.
 
APPLE BECOMES CORE HOLDING
 
The plunge into Apple appears particularly well-timed.
 
Shares of Apple closed on Tuesday up $1.73 at $135.02, also a record closing high.
 
Assuming Berkshire has not sold its stake, Apple's 16.6 percent gain this year would leave it with a $1.1 billion paper profit in 2017 alone.
 
It had been widely believed that Berkshire's initial investment came from Combs or Weschler.
 
But their decisions have sometimes influenced Buffett, as when Berkshire last year paid $32.1 billion for aircraft parts maker Precision Castparts Corp, once a Combs investment.
 
"It's quite possible that Warren woke up and began to understand the virtues of Apple that he had been neglecting or, like with Precision Castparts, Todd or Ted had an affinity for Apple that sparked interest from Warren," Russo said.
 
Combs and Weschler are the leading candidates to eventually succeed Buffett as Berkshire's chief investment officer.
 
The airline investments, meanwhile, suggest that Buffett has overcome his two-decade aversion to the sector after an unhappy - though, he has said, profitable - investment in US Air Group.
 
Buffett told talk show host Charlie Rose in an interview last month that it was "in large part" his decision to dive back into airlines.
 
"The industry was once balkanized, but now it is bulking up, and has come to realize that an empty seat is a perishable asset," Russo said. "More planes are traveling more full."
 
Shares of American, Delta, Southwest and United, as well as Apple, Monsanto and Sirius, rose in after-hours trading.
 
Such increases often occur when investors perceive that Berkshire has given a company its imprimatur.
 
Monsanto and Sirius did not immediately respond to requests for comment.
 
To make room for new investments, Berkshire appeared to have shed a $1.8 billion stake in agricultural equipment maker Deere & Co (DE.N) and nearly all of what remained from a more than decade-old stake in retailer Wal-Mart Stores Inc (WMT.N).
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Ministry of Foreign Affairs presents plans for 2017 www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The monthly “Press Hour” conference of the Ministry of Foreign Affairs took place on February 14. State Secretary of the Ministry D.Davaasuren introduced the ministry's plans for 2017 regarding the foreign trade and economic relations and gave information on the foreign minister’s visit to Russia.
 
According to D.Davaasuren, a total of 32 projects are included in the Program on the Establishment of the Economic Corridor of Mongolia, Russia and China. Within the framework of the program, proposals are sent to the two neighboring countries to establish “Investment Projecting Center” in Mongolia. Also, an expert-level meeting is expected to take place in Ulaanbaatar in March to talk issues concerning the program.
 
The MFA is focusing on renewing the “national program to support exports” and advancing the implementation of “Mongol Export” program and the establishment of a free-trade zone in Zamiin-Uud and Erenhot cross-border port areas.
 
Also, the Ministry informed about its plans for this year, which include joining Asia-Pacific Trade Agreement to increase and enable the exports of domestic products to the neighboring countries’ markets, improving the legal environment of foreign trade, negotiating free-trade agreements with third neighbors and economic unions, attending ASEM Economic Ministers’ meeting, promoting public-private partnerships and conducting effective economic "advertisements".
 
The State Secretary also gave information on Mongolia's relations with its third neighbors and major trade partners. For instance, Mongolia and Japan signed Economic Partnership Agreement in June 2016. In this connection, 13 subcommittees were re-established to create a permanent consultation mechanism.
 
On that note, the MFA officials noted that Mongolia is to sign free-trade agreement with the Republic of Korea. Within the framework, Mongolia and South Korea signed the terms of reference of a joint research team on establishing Economic Partnership Agreement in October 2016 and organized the first meeting of the joint group in December 2016.
 
In addition, the officials noted that agreed with the Eurasian Economic Union to commence joint research on free-trade agreement with the union in order to reduce and remove tariffs and non-tariff barriers for Mongolia's export products to Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia.
 
During the press conference, the State Secretary of Foreign Ministry reported that Foreign Minister Ts.Munkh-Orgil has been invited by Minister for Foreign Affairs of the People’s Republic of China, Wang Yi. The Foreign Minister of Mongolia may visit to China on February 19-20.
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Toshiba to ask banks for help www3.nhk.or.jp

 
Executives of Toshiba are seeking support from financial institutions to strengthen their capital base.
Company President Satoshi Tsunakawa said on Tuesday that Toshiba is expected to post a loss of about 6.2 billion dollars in the US nuclear-power business in the year through March. He said Toshiba's debt exceeded its assets as of December.
The president said Toshiba is considering selling more than half of its mainstay flash-memory business, up from the original plan of less than 20 percent, as one measure to rebuild the company.
Tsunakawa also said Toshiba will stop taking new orders for the construction of nuclear-power plants abroad.
He said the company is instead going to shift its efforts toward supplying reactor-related equipment.
Toshiba executives said they will meet representatives from 80 financial institutions, including main creditor banks, on Wednesday. They said they will explain plans to overhaul some of their businesses and ask for loans and other forms of financial support.
Meanwhile, Toshiba officials will spend about a month to investigate reports that accounting on their US nuclear business was handled inappropriately. Internal reports brought the problem to their attention.
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Huawei in move to gain 5G edge www.chinadaily.com.cn

 
Huawei Technologies Co Ltd, China's largest telecoms equipment maker, plans to unveil its first batch of 5G-ready products next year, as it strives to gain an edge in the race toward the next-generation mobile communication technology, local media reported.
 
The Shenzhen-based company said that as the world moves closer to a consensus on 5G standards, it will start shipping 5G products in 2019, according to a report on qq.com, a news portal owned by Tencent Holdings Ltd.
 
Xu Wenwei, strategic marketing president at Huawei, was quoted as saying that the company "will work with telecoms carriers to create new business models in the 5G era where all things can be connected to the internet".
 
Huawei did not respond to requests for comment.
 
In November, polar coding, a technology backed by Huawei, was approved as part of the global standard for 5G.
 
Lu Zhenwang, CEO of the Shanghai-based Wanqing Consultancy, said the 5G products Huawei plans to unveil next year are highly likely to be able to support the narrowband internet of things, or NB-IoT.
 
NB-IoT is a technology that enables faster internet connections among devices, but at lower costs than existing bluetooth and Wi-Fi technology.
 
"We will see a rapid application of NB-IoT technology in the next few years. Huawei will face mounting competition from ZTE Corp and Ericsson AB in this respect," he added.
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Ministry of Foreign Affairs presents plans for 2017 www.montsame.mn

Ulaanbaatar /MONTSAME/ The monthly “Press Hour” conference of the Ministry of Foreign Affairs took place on February 14. State Secretary of the Ministry D.Davaasuren introduced the ministry's plans for 2017 regarding the foreign trade and economic relations and gave information on the foreign minister’s visit to Russia.

According to D.Davaasuren, a total of 32 projects are included in the Program on the Establishment of the Economic Corridor of Mongolia, Russia and China. Within the framework of the program, proposals are sent to the two neighboring countries to establish “Investment Projecting Center” in Mongolia. Also, an expert-level meeting is expected to take place in Ulaanbaatar in March to talk issues concerning the program.

The MFA is focusing on renewing the “national program to support exports” and advancing the implementation of “Mongol Export” program and the establishment of a free-trade zone in Zamiin-Uud and Erenhot cross-border port areas.

Also, the Ministry informed about its plans for this year, which include joining Asia-Pacific Trade Agreement to increase and enable the exports of domestic products to the neighboring countries’ markets, improving the legal environment of foreign trade, negotiating free-trade agreements with third neighbors and economic unions, attending ASEM Economic Ministers’ meeting, promoting public-private partnerships and conducting effective economic "advertisements".

The State Secretary also gave information on Mongolia's relations with its third neighbors and major trade partners. For instance, Mongolia and Japan signed Economic Partnership Agreement in June 2016. In this connection, 13 subcommittees were re-established to create a permanent consultation mechanism.

On that note, the MFA officials noted that Mongolia is to sign free-trade agreement with the Republic of Korea. Within the framework, Mongolia and South Korea signed the terms of reference of a joint research team on establishing Economic Partnership Agreement in October 2016 and organized the first meeting of the joint group in December 2016.

In addition, the officials noted that agreed with the Eurasian Economic Union to commence joint research on free-trade agreement with the union in order to reduce and remove tariffs and non-tariff barriers for Mongolia's export products to Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia.

During the press conference, the State Secretary of Foreign Ministry reported that Foreign Minister Ts.Munkh-Orgil has been invited by Minister for Foreign Affairs of the People’s Republic of China, Wang Yi. The Foreign Minister of Mongolia may visit to China on February 19-20.

...


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Plan to establish Mongolia-Russia-China Economic Corridor discussed www.montsame.mn

Ulaanbaatar /MONTSAME/ On February 14, on the sidelines of his working visit to the Russian Federation, Minister of Foreign Affairs Ts.Munkh-Orgil met with Deputy Minister of Economic Development of Russia A.V.Gruzdev to discuss bilateral trade, economic, investment and financial ties as well as issues concerning regional and international cooperation.

During the meeting, the sides reaffirmed their mutual interest of collaboration to increase bilateral trade turnover and investment and balance trade deficit, eliminate tariff and non-tariff barriers, draw more Russian investment to infrastructure and energy sectors of Mongolia by co-implementing joint projects.

In addition, the sides agreed to cooperate towards the development of favorable legal environment and promotion of regional cooperation, in particular, cross-border cooperation between Mongolia and Russia.

Within the framework of the target to eliminate tariff and non-tariff trade barriers, FM Ts.Munkh-Orgil asked for Russia’s assistance in forming a joint research working group on establishing a free trade agreement with the Eurasian Economic Commission.

Moreover, the dignitaries agreed to study feasibilities to form a council responsible for establishing Investment Projecting Centre in Ulaanbaatar and making policy adjustments on trilateral cooperation within the framework of the activation of the implementation of the tripartite program on Establishing Mongolia-Russia-China Economic Corridor.

In this regard, a trilateral meeting of Mongolia, China and Russia was arranged to take place in Ulaanbaatar this March, as consulted with the Chinese side. Deputy Minister A.Gruzdev noted that a large delegation from Mongolia is invited to the Russia-China EXPO, which will held in Harbin, China in June with an aim of deepening the economic ties of three countries.

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Coking coal resumes sharp decline www.mining.com

After a pause last week (and even a small move higher) following 12 weeks of non-stop selling, the rout on coking coal markets resumed on Tuesday. The steelmaking raw material fell 4.7% to $154.80 on the day, the lowest since early September.

Met coal is down more than $150 below its multi-year high of $308.80 per tonne (Australia free-on-board premium hard coking coal tracked by the Steel Index) hit in November despite customs data showing a huge jump in Chinese imports.

China forges more steel than the rest of the world combined and the country last year imported 59.2 million tonnes of coking coal, an increase of nearly 24% over 2015.

However, as TSI points out in its latest review of the market Mongolia accounted for 23.6 million tonnes of total imports as imports from Canada and Russia declined by 9.3% and 19.4% respectively while the US exported no coking coal to China.

At the height of the price rally Mongolian coking coal went for as little as 75% below the spot price
Mongolia increased production by 85% last year. With domestic output curtailed by Beijing, so feverish was Chinese demand that Mongolian trucks carrying steam and met coal created the world's longest traffic jam on the border between the two countries.

But it's not the volume of Mongolian exports that should worry producers in Australia and elsewhere, but price. As a captive supplier (and due to a deal struck by Ulaanbaatar to use coal exports to pay down debts owed to Aluminum Corporation of China, or Chalco) land-locked Mongolia sells its coal for much less than the seaborne price.

At the height of the price boom in November Mongolian coking coal went for as little as 75% below the spot price (thermal coal sold for less than a third of Australian benchmarks) and nowhere near the benchmark contract prices for the Q1 2017 settled between Australian miners and Japanese steelmakers at $285 a tonne.

Another low cost supplier to China, North Korea may also impact the price this year. Under UN sanctions the dictatorship's export of coking coal – all of which goes to China –would be limited to 7.5 million tonnes this year, down nearly two thirds from the 2016 tally. But Beijing has in the past ignored some UN sanctions on the basis that it would hurt the civilian population of North Korea.

Despite the pullback metallurgical coal is still trading at more than double multi-year lows reached this time last year. Coking coal averaged $143 a tonne in 2016 (about the same as it did in 2013). Consensus forecast is for the price to average about the same in 2017.

In 2011 floods in key export region in Queensland saw the coking coal price briefly trade at an all-time high of $335 a tonne.

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Oil firm mulls stake buy in Noble www.chinadaily.com.cn

 
Sinochem Group is in early talks to become a strategic investor in Noble Group Ltd, providing the embattled Asia-based commodities trading house with an equity injection, according to sources familiar with the talks.
Noble is discussing a possible strategic investment, according to a statement on Tuesday that didn't refer to Sinochem.
"No binding arrangements have as yet been entered into with respect to this possible transaction and, accordingly, there can be no assurance that this transaction will be concluded," it said.
The conversations between the State-owned oil and chemicals group and the Hong Kong-based trading house are still at an early stage, the sources said.
Sinochem is understood to be interested in the international energy trading business of Noble, which includes oil, coal and natural gas.
Noble Chairman Richard Elman said last year that the company was looking for a strategic investor after it raised $500 million in fresh equity in June.
"A strategic partner is still very possible," said Elman, who is due to stand down later this year. "But it has to be at the right time and the right candidate."
Noble feels it's now in a stronger position to negotiate a deal for a strategic investor, with its equity price stabilizing and bond prices rising strongly, according to one source.
The yield of Noble's bond maturing in 2020 fell last week below the key 10 percent level for the first time in more than a year, compared with an all-time high of more than 35 percent in January 2016.
Sinochem didn't reply to phone calls and emails.
Noble has been fighting to prop up its finances after a torrid 2015 and 2016 during which its share price collapsed.
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Credit Suisse to cut up to 6,500 jobs after reporting $2.4 billion loss www.cnn.com

Credit Suisse said Tuesday that it plans to cut up to 6,500 jobs after suffering a loss of 2.4 billion Swiss francs ($2.4 billion) in 2016.
The Zurich-based lender said the bulk of the loss resulted from of a $2 billion provision it made for a settlement with the U.S. Department of Justice.
The Justice Department announced in January that Credit Suisse would pay a total of $5.3 billion to settle claims that it packaged and sold toxic mortgages between 2005 and 2007.
Bank CEO Tidjane Thiam said Tuesday that reaching the settlement removed a "major source of uncertainty for our future."
But it also cemented a second consecutive year of losses for the new CEO. Credit Suisse (CSGKF) lost 2.9 billion Swiss francs ($2.9 billion) in 2015.
Thiam was hired in 2015 and announced a major overhaul and cost cutting program just a few months into his tenure. He wants the bank to focus on wealth management and emerging markets.
The bank will cut between 5,500 and 6,500 jobs over the coming year, CFO David Mathers said on a conference call with investors.
On Tuesday, Thiam said that 2016 -- the first full year of implementing the new strategy -- was "challenging and busy 12 months."
DoJ vs big banks: $60 billion in fines for toxic mortgages
The company said it achieved 1.9 billion Francs ($1.9 billion) in savings in 2016 -- more than 500 million Francs ($500 million) above its target.
It also shed more than 7,250 jobs over the course of last year.
While losses were greater than analysts had anticipated, the bank's stock climbed 3% following its earnings statement on Tuesday.

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Greece plans to hire Rothschild as debt adviser www.rt.com

As concerns over Greece and its debt mount, Athens has reportedly decided to call in Rothschild, one of the oldest financial firms in the world, to navigate the country’s long-running creditor stand-off and avert default.

According to the Financial Times, Greek authorities hope to finalize the appointment before crunch debt talks with eurozone finance ministers on February 20. The date has been described as the last chance for a bailout review with the upcoming elections in Europe likely to dominate the EU agenda.

Sources told the FT that Rothschild is expected to advise Athens on all areas connected to its debt, including negotiations with creditors, potential inclusion in the European Central Bank’s €80 billion per month bond-buying program and the resumption of Greek government bond sales.

They added the bank will be paid a bonus when Greece regains access to global debt markets.

The Rothschild investment bank was founded over 200 years ago by Mayer Amschel Rothschild. Five of his sons established banking businesses around Europe and the firm today has more than three thousand employees in 40 countries.

The appointment of Rothschild as sovereign debt adviser will require ministerial approval. The bank will thus replace US investment bank Lazard, which worked on Greece’s bailout talks in 2012, and is currently acting as financial adviser to the Greek Ministry of Energy.

Greece’s Prime Minister Alexis Tsipras promised the government wouldn't pass any new austerity measures as talks with bailout lenders have stalled over their demands for deeper cuts.

“An adviser is not being hired to arrange another debt restructuring with private creditors, it is being hired to advise on official debt. It will be a difficult job," said Mitu Gulati, a law professor at Duke University in the US who specializes in the field. “There is always the risk that you can antagonize bilateral creditors when you bring financial advisers in and treat them like private creditors.”

Athens and its international creditors have been seeking ways to conclude negotiations on the current review of Greece’s €86 billion aid package. The bailout program was agreed two years ago and is the third since 2010.

Greece’s €323 billion debt is still the highest in the eurozone. According to the country’s Public Debt Management Agency, just €36 billion from that sum is owned by private investors who hold Greek bonds; the rest is in the hands of sector creditors such as the IMF and European institutions.

The country has €7 billion of debt payments due this July, which it won’t be able to meet unless it receives new funds or carries out restructuring.

Earlier this month, the IMF which was urging for more austerity and describes Athens’ debt as unsustainable, called for "significant debt relief" to stop Greece's debts becoming "explosive."

 
 
 
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