Austria's Schelling unveils sweetener in Heta dispute

March 1, 2016 7:53 PM

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FRANKFURT, March 1 Austrian Finance Minister Hans Joerg Schelling on Tuesday moved to break a deadlock with creditors over an offer to buy back bonds of Austrian "bad bank" Heta Asset Resolution.

Speaking at a financial conference dinner, Schelling suggested creditors who accept the current offer, in which Heta bonds would be bought back for 75 percent of their nominal value, could re-invest the proceeds in an Austrian government zero coupon bond with a maturity of 18 years.

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