The Greek government is searching for a law firm based in London, UK, to rephrase the legal documents of a memorandum signed last year with the European Union, the European Central Bank and the International Monetary Fund offering Greece an 110-billion-euro loan facility to meet its huge debt obligations.

Government sources told ANA-MPA that the law firm will rephrase the loan agreement following an EU Summit decision last March to extend the country’s loan repayment period by 2023 and cutting the interest of the loans from 5.2 percent to 4.2 percent.

The procedure is managed by the State Legal Council, following a decision by the Finance ministry, while the Greek embassy in London examines which law firms were eligible to offer such services to the state.

Allen and Overy is seen as one of the best candidates for the work. The law firm will also examine the terms included in new loan agreements to be signed by Greece for the extension of the 80 billion euros loan and the reduction of the interest rate.

The Greek government on Tuesday categorically denied that the search of a law firm would help in drafting a new memorandum with the troika.