More time to join swap deal
Source: Bloomberg News |
April 6, 2012, Friday
|
Print Edition
Print Edition
GREECE yesterday extended to April 20 the deadline for a last batch of private investors who own some 8 billion euros (US$10.5 billion) worth of its bonds to voluntarily join a massive swap deal and accept a deep cut in the value of their holdings.
If exchanged, the swaps will complete the biggest debt writedown in history, forgiving crisis-hit Greece just over half its 205 billion-euro debt held by banks, pension funds and other private investors.
The final collection of bonds is regulated under foreign law and their owners had either earlier rejected the deal or postponed a decision in the hope of a better deal.
Greece has warned that holdouts cannot expect better terms than other investors who have agreed to take part in the swap deal.
A finance ministry statement yesterday said that Greece will complete the exchange for another 20.3 billion euros worth of foreign law bonds next Wednesday.
Last month, Athens swapped bonds worth 177 billion euros issued under Greek law for new ones, forcing investors to take a cut of about 75 percent on the real value of their investment.
If exchanged, the swaps will complete the biggest debt writedown in history, forgiving crisis-hit Greece just over half its 205 billion-euro debt held by banks, pension funds and other private investors.
The final collection of bonds is regulated under foreign law and their owners had either earlier rejected the deal or postponed a decision in the hope of a better deal.
Greece has warned that holdouts cannot expect better terms than other investors who have agreed to take part in the swap deal.
A finance ministry statement yesterday said that Greece will complete the exchange for another 20.3 billion euros worth of foreign law bonds next Wednesday.
Last month, Athens swapped bonds worth 177 billion euros issued under Greek law for new ones, forcing investors to take a cut of about 75 percent on the real value of their investment.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
