European financial institutions have sketched out a plan to extend a substantial portion of Greece’s maturing sovereign debt for up to 30 years, as creditors coalesced around a French-led replica of the Brady bonds used to bail out Latin America 22 years ago.

Close to 50 people, many from the French and German banking sectors, met in Rome to discuss the proposal from French banks, centred on a voluntary deal to extend half of the debt maturing over the coming three years into new 30-year bonds. BNP is the biggest single holder of Greek debt, with about €5bn.

The meeting comes at a crucial juncture for Greece, with the country’s parliament set today to vote on a new round of austerity measures. Greece has debt of about €340bn outstanding, €100bn of which matures by the end of 2014.