Investors With 58% of Greek Bonds Agree to Swap
By Maria Petrakis and Fabio Benedetti-Valentini - Mar 7, 2012
Bloomberg.com
Investors with 58 percent of the Greek bonds eligible for the nation’s debt swap have so far indicated they’ll participate, putting the country on the verge of the biggest sovereign restructuring in history.
Greece’s largest banks, most of the country’s pension funds, and more than 30 European banks and insurers including BNP Paribas SA, Commerzbank AG (CBK) and Assicurazioni Generali SpA (G) have pledged to accept the offer. That brings the total so far to at least 120 billion euros ($157 billion), based on data compiled by Bloomberg from company reports and government statements.
The goal of the exchange is to reduce the 206 billion euros of privately held Greek debt by 53.5 percent and turn the tide against the debt crisis that has roiled Europe for more than two years. The government said it will use collective action clauses to force holders of Greek-law bonds into the swap if the so- called private sector involvement falls short and it gets sufficient approval from investors to change the bonds’ terms.
Full story: http://www.bloomberg.com/news/2012-03-07/investors-with-39-of-greek-debt-agree-to-join-in-swap-iif-says.html
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