Photo: Courtesy of Peter Sommer Travel
Multiple news outlets are now reporting that final participation in the Greek debt swap deal is at about 85 per cent.That’s a higher rate than many analysts and investors expected, and it raises questions about whether or not Greece will activate collective action clauses it recently inserted on Greek bonds and a subsequent credit event.
That’s positive news for the success of the Greek bailout, which had hinged upon participation in the bond swap to eliminate about half of Greece’s debt obligations to private creditors.
Regardless of the fallout, these kind of numbers signal that Greece has achieved more than enough participation to make that bailout a reality.
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