Crucial debt talks to resume in Athens

ATHENS, Greece — Global bank representatives are due back in Athens to restart debt talks with the government in negotiations that are crucial to avoid default.

The heads of the Institute of International Finance, a banking association, are to return Wednesday after negotiations stalled last week.

Greece is negotiating a deal to write off half of the debt it owes private bondholders, who would get new bonds with extended repayment periods. Talks have been held up by a disagreement on interest rates for the new bonds.

Greece needs to clinch the deal quickly, before it faces a (euro) 14.5 billion ($18.6 billion) bond repayment on March 20.

Also Wednesday, Greece’s unions and employers are to start talks on reducing labors costs.