Thursday, March 8, 2012

Private Investors agree to swap Greek debt

Investors Agree to Swap About 85% of Greek Debt

Private investors agreed to swap about 85 percent of their Greek government bonds for new securities in the biggest sovereign debt restructuring in history, according to a banker briefed on the results.
Preliminary indications showed that as much as 155 billion euros ($205 billion) of the 177 billion euros of Greek-law bonds were offered, said the banker, who declined to be identified. Twelve billion euros of debt not under Greek law was also tendered, as was 7 billion euros of bonds from state-owned companies guaranteed by the government, the banker said.
Comment: Now comes the hard part. Will Greece have the stamina to keep down spending and get back to growth? It's almost like expecting a miracle.

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