(BN) Greece Seeks Minimum 66% Debt Swap Participation, WSJ Says

Posted by on Feb 21, 2012 in Uncategorized | No Comments

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?




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


To contact the editor responsible for this story:
Scott Schnipper at +1-212-617-2317 or