(BN) Greek Private Investors Are Slow to Commit to Debt Swap, FT Says

(BN) Greek Private Investors Are Slow to Commit to Debt Swap, FT Says

This shouldn’t be surprising.  The invitation is 167 pages, so even if some institution (European Bank) has no choice but to agree, it will take a couple of days to read the document. Given the number of problems in every other document produced in the “grand plans” it would not be surprising to find there are errors in this one.  So although I think PSI will not work well, I think it is too early to tell (some amount of “going through the motions” is required). I still think PSI “best case” for PSI is it’s high enough to justify using CACS rather than defaulting.

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Greek Private Investors Are Slow to Commit to Debt Swap, FT Says

2012-03-04 21:50:43.469 GMT

By Blanche Gatt

     March 4 (Bloomberg) — Private holders of Greek debt are

being slow to take up the government’s planned debt swap offer,

and even Greek creditors aren’t committing promptly to the deal,

the Financial Times reported, citing unidentified people

familiar with the situation.

     The Institute of International Finance, representing

private bondholders in the negotiations over the debt swap, said

today that it endorsed the final terms of the deal, while

leaving it up to individual investors to decide whether or not

to participate in the deal.

 

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