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Greece Deadline

March 08, 2012 0 Comments Bloggies by 888LIFE980
Greece has until 10:00 PM in Athens to get lenders to agree on re-structuring debt; based on current count it now appears Greece will get the necessary participation. Holders of about 65% of the Greek bonds eligible for the deal, including Greece’s largest banks, most of the country’s pension funds and more than 30 European banks and insurers are now on board. 75% participation is the goal, based on comments from officials in Europe there will be enough to get the bailout funds necessary to avoid default. While Greece would prefer a voluntary deal, the government has said it will use collective action clauses to force holders of Greek-law bonds into the swap if the so-called private sector involvement falls short and it gets sufficient approval from investors to change the bonds’ terms. Bond holders are being forced to take a 53% write down on the debt. Europe’s stock markets are improving as the deadline approaches.
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