Greece Debt Haircut Success
Published / Last Updated on 08/03/2012
Greece Debt Haircut Success.
Greece has received enough backing to push through a debt swap that should enable it to gain its latest bailout. Holders of 85.8% of debt subject to Greek law and 69% of its international debtholders agreed the deal.
Take-up was high enough for the government to force unwilling investors to consent to the deal. Athens needed to get 75% to be able to push through the deal.
Greece has extended the deadline for these foreign bondholders to sign up until 23 March and Investors are now waiting to see if forcing bondholders to take the deal - or enforcing so-called Collective Action Clauses - will be deemed as a default.