Skip to main content

Posts

Showing posts with the label Greece crucial debt swap

Hot news,Greece forward with crucial debt swap

Greece has said it has received enough backing to push through the largest restructuring of government debt in history.Holders of 85.8% of debt subject to Greek law and 69% of its international debt holders agreed a debt swap, according to the Ministry of Finance. Take-up was high enough for the government to force unwilling investors to consent to the deal. Athens needed to get 75% to push through the deal. The European Union and International Monetary Fund have said that if the debt swap does not go through then Greece will not get its latest bailout of 130bn euros (£110bn; $173bn). The Greek Finance Ministry had made it clear that the alternative to the debt swap is a potential default.   'Historic endeavour'  So far the deal involves 172bn euros worth of debt, according to the Greek government website, with investors taking a total loss of up to 74%. The deal should cut 107bn euros from Greece's total government debt. Investors are now waiting to see if forcing ...