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Greeks head to Rome with new proposals to end debt crisis

AFP, Rome
Greece's radical new leaders flew into Rome Tuesday seeking to build support for new proposals aimed at ending a stand-off with the country's creditors and its European Union partners.
In an interview with the Financial Times, Greek Finance Minister Yanis Varoufakis said the leftist-dominated government in Athens would be making proposals for "a menu of debt swaps' that would avoid the need for any of the country's mountain of foreign debt to be written off.
Under an approach he described as "smart debt engineering," Varoufakis proposed the issuing of
two new types of bonds.
One would be linked to nominal economic growth to refinance European rescue loans and the other would be "perpetual bonds' that would replace Greek bonds owned by the European Central Bank.
The approach would avoid creditors having to take a hit on the Greek debt, an outcome that is fiercely opposed by several EU countries led by Germany, and would be politically hard to stomach for the likes of Ireland, which was forced to stick to a painful programme of spending cuts as a condition of its own bailout in the aftermath of the 2007 financial crisis.
Varoufakis was to hold talks in
Rome with his Italian counterpart Pier Carlo Padoan while Prime Minister Alexis Tsipras will travel from Cyprus to meet with his Italian counterpart Matteo Renzi over lunch.
The debt swaps proposal is likely to get a sympathetic hearing from Renzi, who is well-placed to broker an end to the confrontation as he has the ear of German Chancellor Angela Merkel but is in the camp of those in the EU who want a more flexible, growth-first approach to the bloc's economic policy.
'I believe it is crucial to send a clear message: we want to move the discussion on economic policy from austerity and rigour towards
growth and investment,' Renzi said on Monday.
'We have to change economic policy at the European level, not just for Greece or any other country.'
The stakes involved in the standoff were underlined on Monday by British finance minister George Osborne, who warned that a potential failure to resolve the crisis was 'fast becoming the biggest risk to the global economy."
Despite a restructuring in 2012, Greece is still lumbered with debts of more than 315 billion euros, upwards of 175 percent of gross domestic product, an EU record. Greece would need to dedicate its entire annual wealth for two years to repay the amount.