Greece Says Final Participation in Massive Debt Writedown Reaches 96.9 Percent

Greece Says Final Participation in Massive Debt Writedown Reaches 96.9 Percent

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Filippos Sachinidis

The Greek finance ministry says 96.9 percent of eligible investors have participated in a massive bond swap designed to more than half the struggling country’s privately-held debt.
A ministry statement says about €199 billion worth of bonds have been swapped, out of the total €205.5 billion in eligible paper owned by banks, pension funds and other private bondholders.
Finance Minister Philippos Sachinidis says he is “extremely pleased” with the final results.

Wednesday’s settlement involved the exchange of €522.3 million worth of bonds.
The swap, which is the biggest debt writedown in history, meant bondholders took a cut of about 75 percent on the real value of their investment.
(source: AP)