Greece reached an agreement with private-sectorcreditors with a high participation rate of 95.7% for investors after Greece gotapproval to activate collective action clauses (CACs).
Private creditors agreed to swap nearly 85.5%, after they tendered 152 billion euros, of their bond holdings for new securities, to record the biggest sovereign restructuring in history. Also, according to an emailed statement from the Greek Finance Ministry, 20 billion euros of foreign-law bonds were tendered.
The deal willcut more than 100 billion euros from Greece's 206 billion euros debt owed to private sector bondholders.
The final results from the offer are expected to be announced officially Friday at 08:00 p.m. in Athens, where Greek Finance Minister Evangelos Venizelos will hold a news conference ahead of a call with euro area finance chiefs.