Greece gets shareholder backing for crucial debt deal

clock

Greece has confirmed it received enough support from creditors to carry out a vital debt swap which drastically cuts the value of debt owned by bondholders.

In a deal which will help it secure the latest round of financial aid from the IMF and the EU, Greece's Ministry of Finance said holders of 85.8% of debt subject to Greek law and 69% of its international debtholders agreed the deal. The take-up is high enough for the government to force unwilling investors to consent to the deal, with Athens needing 75% of holders to approve it. The deal will see holders of debt worth €172bn ($227bn, £143.7bn) taking a total loss of up to 74%. However, only 69% of the minority of bondholders not governed by Greek law agreed the deal - and Greece wa...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Why the lead-up to the Budget may have been worse than the Budget itself

Why the lead-up to the Budget may have been worse than the Budget itself

What Rachel Reeves and Dr Evil have in common

Laith Khalaf
clock 13 November 2024 • 4 min read
Bank of England meets expectations with 25 basis point rate cut to 4.75%

Bank of England meets expectations with 25 basis point rate cut to 4.75%

'Continued progress' on disinflation

Valeria Martinez
clock 07 November 2024 • 2 min read
'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read