Greek Finance Minister Evangelos Venizelos said in a statement on Thursday that Greece started talks with private bondholders to start arranging for the 50% reduction in Greek bonds held by the sector which the EU approved.

Venizelos said within the parameters of the October 26 euro summit statement, our goal is to structure a transaction that will attract the broadest possible support from the bondholder community. He added saying that Greece will be looking at industry bodies and the Institute of International Finance (IIF) for ideas to see how this transaction can best be designed.