Greek debt swap to go ahead
The Greek government has won enough backing for a debt swap deal that will enable the country to avoid bankruptcy and stay in the euro.
85.5% of private investors agreed to legislation that would see them take a cut in 70% of their investments and save the country from bankruptcy
Some 85.8% of private investors, holding approximately €172bn of bonds under Greek law, agreed to cut the debts owed to them by embattled Greece.
Those subject to foreign laws have been given a two week extention, until 23 March, to decide whether or not to participate. Some 69% have so far signed up.
Greece needed 75% of private bondholders to consent to the deal in order to trigger legislation to force the number of participants beyond a 90% threshold set by Athens.
So-called collective action clauses are now expected to be activated, bringing the total number of participants to 95.7%, officials in Athens said.
It means some bondholders who did not accept the deal voluntarily could be forced to take a cut of up to 70% in the value of their investments.
