(BN) Greece Seeks Minimum 66% Debt Swap Participation, WSJ Says
Here is the story. So is it 66% of debt including the ECB’s holdings? That at least is in ballpark, but the IMF report that caused so much trouble over the weekend assumed 95%, but clearly of non-ECB holdings. Maybe this is just a simple miscommunication. On the other hand, the special committee set up to negotiate the IIF deal held 44 billion of bonds between them, so not even 25% of the bonds?
The retroactive CAC law is supposedly being worked on in Greece. I haven’t seen the terms, but maybe 66% is the level they put in to allow them to CAC everyone else?
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Greece Seeks Minimum 66% Debt Swap Participation, WSJ Says
2012-02-21 18:58:15.771 GMT
By Louisa Fahy
Feb. 21 (Bloomberg) — Greece aims for at least 2/3
bondholders to take part in debt swap, WSJ reports, citing
finance ministry official.
* Formal offer on debt exchange seen by end of week
* NOTE: Greece earlier reached agreement with private
creditors to secure restructuring, paving way for 2nd
bailout: {NSN LZQPI907SXKX <go>}
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To contact the reporter on this story:
Louisa Fahy in Washington at +1-202-624-1942 or
lnesbitt@bloomberg.net