Greek Meets Debt-Swap Requirements at 95.7% Participation Rate
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Greece received agreements from 95.7 percent of its bondholders in the largest sovereign debt swap in history.
Officials have said 85.8 percent of Greek law-regulated debt have agreed to tender their holdings. Overall, about 95.7 percent of all privately-held Greek debt would be reached under the use of "collective action clauses," which forces those who refuse to voluntarily take part to tender.
The initial deadline set by the European Union (EU) and International Monetary Fund (IMF) for Greece to receive a second bailout package of about €130 billion.
In constructing the clause, the EU and IMF aimed to reduce Greece's debt from 160 percent of annual GDP to a more-manageable 120 percent by 2020.
Data shows more futures advancing than declining Friday morning ahead of the bell.
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Officials have said 85.8 percent of Greek law-regulated debt have agreed to tender their holdings. Overall, about 95.7 percent of all privately-held Greek debt would be reached under the use of "collective action clauses," which forces those who refuse to voluntarily take part to tender.
The initial deadline set by the European Union (EU) and International Monetary Fund (IMF) for Greece to receive a second bailout package of about €130 billion.
In constructing the clause, the EU and IMF aimed to reduce Greece's debt from 160 percent of annual GDP to a more-manageable 120 percent by 2020.
Data shows more futures advancing than declining Friday morning ahead of the bell.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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