Today as we know dear reader Greece is facing a critical deadline to meet requirements and strike a debt-swap deal with the private sector as the nation attempts to restructure around 100 billion euros of current debt in order to avoid a financial disaster as soon as this month when Greece must return around 14.5 billion euros of maturing bonds.

So far, creditors that hold 60% of the existing Greek debt agreed to participate in the debt-swap campaign, supporting the largest restructuring in the history to successfully come into application.

Locally, the largest banks in Greece and most of the pension funds agreed to voluntary participate in the debt-swap program. In addition, more than 30 European banks and insurers including the Italian UniCredit, the German Commerzbank and finally the French BNP Paribas also joined the campaign, pushing the percentage participation to around 60% of the total bonds held by creditors.