Greece will officially announce the preliminary results of Greek bond swap on Friday morning at 8 a.m. local time (0600GMT).
Associated Press wrote earlier:
” The swap is a critical part of the country’s second international bailout. If too few investors agree and it fails, the crisis-hit country will likely default on its debt in less than two weeks when a big bond repayment is due, prompting renewed turmoil in financial markets and knocking confidence in the global economy.”
One of the chief negotiators for the bondholders, Charles Dallara, forecast a “very high” final takeup, though he was unsure if it would hit the 90 percent Greece is aiming for.
“Greece closed a bond swap offer to private creditors on Thursday after clearing the minimum threshold of acceptance to push the deal through, moving closer to unlocking funds it needs to avoid a dangerous debt default.
Government officials said before the final deadline for declaring interest passed at 2000 GMT that more than 75 percent of eligible bonds had already been committed.
The biggest sovereign debt restructuring in history will see bond holders accept losses of some 74 percent on the value of their investments in a deal that will cut more than 100 billion euros from Greece’s crippling public debt.”
Athens had said that it would abandon the deal if it did not receive at least 75 percent participation in the offer and it required two-thirds take-up to deploy a legal device to force recalcitrant creditors to accept the terms.” (Further Reading Reuters)
Apparently 85.8%, according to news, congratulations, that’s impressive! Say what you will about Venizelos, but he actually delivered a result. And that sure wasn’t easy. He’s still a bit too much of an “old guard” politician for my liking, that battle scarred powerhorse of PASOK, but at least he’s really working for his salary. Respect.