Reuters exclusively reports status of Greece’s new bailout plan

The euro rose to a one-month high above $1.45, Greek bank shares rebounded and bond spreads narrowed sharply after Reuters reported exclusively on June 2 that senior euro zone officials had agreed in principle on a new bailout plan for Greece that would run until mid-2014, effectively replacing the 110 billion euro bailout agreed in May last year. Correspondent Paul Taylor obtained the scoop from a source close to the negotiations in Vienna, who revealed that the new bailout would include limited participation by the private sector designed to avoid a credit event that could trigger credit default swaps — key information for debt traders. Investment bank reports on the next day analysed the Reuters story, which marked a new stage in Greece’s debt crisis.