REPORT: Greece Has Enough Investor Participation To Go Through With Bond Swap

Bankingnews.gr reports that Greece will have 76.6 per cent participation in the bond swap deal.

That exceeds the 75 per cent approval it needs to activate collective action clauses it recently inserted into Greek bonds, which would coerce any holdouts into accepting the bond swap deal.

The veracity of this report remains up in the air, however, as it surfaced just moments after a Bloomberg blast reporting that just 58 per cent of bondholders had agreed to go through with the deal.

Even if this report is inaccurate, however, it appears that Greece is moving closer and closer towards reaching the necessary participation rate to activate the CACs.

While most analysts expect that sufficient participation will be achieved, they generally agree that the percentage of bondholders willing to participate in the deal would not exceed the necessary 75 per cent by much.

The euro has jumped on the news.

Photo: FinViz.com

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.