More time to join swap deal
Source: Bloomberg News |
April 6, 2012, Friday
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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.
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