Greece ups pressure in trillion-euro gamble

More than 75% of Greece’s private bondholders had agreed to participate in the country’s €260bn debt restructuring by the evening of the 8 March 2012, allowing Athens to proceed with the world’s largest ever sovereign default.

The Greek government was expected to announce the results of the two-week campaign to win over private investors on the morning of the 9 March 2012, but senior Greek officials and bankers briefed on the results said close to 80% of debt in private hands agreed to be swapped for new bonds worth less than half current face value.

• Primary Source

EUObserver, 8.3.12: Greek default still possible as bond-swap deadline nears http://euobserver.com/19/115520

BBC News, 8.3.12: Greece 'closes in' on debt swap as deadline looms http://www.bbc.co.uk/news/business-17294865

Kathimerini, 8.3.12: Outlook positive for bond swap http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_11369_08/03/2012_431800

ESO: Background information: Eurozone delays half of Greece’s funds http://www.europeansources.info/record/eurozone-delays-half-of-greeces-funds/

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