Greek Meets Debt-Swap Requirements at 95.7% Participation Rate
Tweet
Share
E-mail
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.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- This EV stock offers re-entry point for value investors, analyst says
- This large-cap stock's valuation "appears increasingly attractive": HSBC
- Citi highlights hidden humanoid upside in this stock’s valuation
Create E-mail Alert Related Categories
Hot List, Market CheckSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
