'Exclusive: Banks discuss new Greek rollover plan: source' "(Reuters) - European banks and insurers moved closer on Friday to a voluntary rollover of their Greek government debt holdings, hoping to get around rating agencies' reservations and avoid a Greek default. National finance officials are discussing with banks and insurers a proposal to replace existing Greek debt with a different type of bond in a deal they hope will persuade credit rating agencies to refrain from declaring Athens in default of its obligations, two senior European banking sources told Reuters. The proposal foresees a voluntary rollover of debt into securities of a different and not comparable credit composition to avoid agencies moving Greece to default status, the sources said. "Only by a completely different composition of the bonds would the rating agencies see the restructuring as voluntary and not declare Greece insolvent," said one senior German banker." - more http://www.reuters.com/article/2011/06/24/us-banks-greece-idUSTRE75N1WZ20110624