GREECE/UK -  JPMorgan has re-opened its offer until 5pm GMT today to repurchase the scandal-struck Greek structured bonds after the Greek government intervened to save yesterday's rejected deal.

IPE yesterday reported a group of Greek pension funds had rejected the extended offer, which ended yesterday, issued by JP Morgan and hedge fund North Asset Management as they still demanded they be compensated also for any accrued interest.

A spokesman for JPMorgan said: "The pension funds' managements have shown complete disregard with respect to the interests of their stakeholders not only in their original investment processes but also in their repeated decisions to reject a generous proposal."

But in a joint statement issued earlier today, Greek finance minister Giorgos Alogoskoufis and social security and employment minister Vassilios Magginas said the government would pass a bill to pay those pension funds involved the interest they would have accrued had they deposited the funds with the Greek central bank instead of purchasing the structured bonds.

JPMorgan said the proposed offer, allowing pension fund investors to recover 100%of the amount they paid for the bonds less any interest that had already been paid, will remain unchanged.

"Together with the government's reported proposal, this would see the pension fund investors in the bond recover 100% plus interest. They would be ill-advised to reject this proposal now," warned the investment bank.