BRUSSELS (MNI) – The European Commission said Friday it was “very
satisfied” by the amount of private sector support Greece achieved in
the debt swap deal it concluded Thursday night.
“This demonstrates the strong support for the agreements reached in
February on a second programme for Greece,” EU Economics and Monetary
Affairs Commissioner Olli Rehn said in a written statement.
“That contribution by the private sector is an indispensable
element to ensure future sustainability of the Greek public debt, and,
thus, a decisive contribution to financial stability in the euro area as
a whole.”
“Greece’s international partners have made an unprecedented effort
of solidarity,” Rehn said, adding that he expected Greek authorities to
“maintain their strong commitment to the economic adjustment programme
and to rigorously and timely implement the policy package.”
Eurozone finance ministers are discussing the results of the debt
swap this afternoon on a teleconference call during which they will also
discuss Greece’s implementation of other commitments needed to secure
final approval of financial aid from Eurozone governments and the IMF.
Greece said this morning that voluntary participation in the debt
exchange, offered to holders of the E206 billion in privately-held Greek
bonds, was 83.5%, covering E172 billion of the targeted securities.
Holders of another E25 billion will essentially be forced to accept the
deal by the activation of collective action clauses (CACs), bringing the
total participation to 95.7%, or E197 billion.
–Brussels newsroom: +324-9522-8374; pkoh@marketnews.com
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