Greece Asks Banks To Help With Debt

The Associated Press reports:

Greece's new finance minister said the government has been encouraging Greek banks to participate in a solution to the country's crippling debt crisis, just days ahead of a crucial Parliamentary vote that could stave off a devastating default.

Venizelos, who was in discussions Thursday with the country's international creditors over critical austerity measures that must be passed by Parliament next week, also announced a new round of tax hikes on crisis-weary Greeks.

The minister said the government was encouraging a solution along the lines of the so-called "Vienna initiative," according to which investors are asked to voluntarily renew their debt holdings as they expire.