Greece secures €206bn debt swap

Greece announced on the 9 March 2012 that it had received enough backing to push through a debt swap that should enable it to gain its latest bailout from the European Commission / European Central Bank and International Monetary Fund.

Investors holding 85.8% of Greece’s private debt agreed to participate in the country’s €206bn debt restructuring, clearing the way for Athens to complete the world’s largest ever sovereign debt default.

A statement from the Greek finance ministry said that participation would rise to 95.7% after collective action clauses are activated to force hold-out investors to participate.

BBC News, 9.3.12: Greece to go ahead with crucial debt swap http://www.bbc.co.uk/news/business-17308804

ESO: Background information: The Greek debt crisis of 2010 http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Greece ups pressure in trillion-euro gamble http://www.europeansources.info/record/greece-ups-pressure-in-trillion-euro-gamble/

EurActiv, 9.3.12: Greece secures debt swap and escapes default http://www.euractiv.com/euro-finance/greece-secures-debt-swap-escapes-default-news-511415

EUObserver, 9.3.12: Greece secures debt swap and escapes default http://euobserver.com/19/115534

Kathimerini, 9.3.12: Greece activates CACs to reach bond swap target http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_27332_09/03/2012_432020

Deutsche Welle, 9.3.12: Private creditors agree to Greek bond swap http://www.dw.de/dw/article/0,,15798489,00.html

France24, 9.3.12: Greek creditors agree to crucial debt swap deal http://www.france24.com/en/20120309-greek-creditors-agree-debt-deal-100-billion-euro-restructuring-sovereign

European Commission: Memo/12/174: Statement by Commission Vice-President Olli Rehn on private sector participation in the second Greek programme http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/174&format=HTML&aged=0&language=EN&guiLanguage=en

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