“Greece has pushed through the bond swap offer which is key to its 130 billion ($172 billion) bailout deal with bondholders representing 83.5 percent of the value of its bonds taking part.
The country will now activate Collective Action Clauses on those who held out, raising participation to 95.7 percent. The activation of CACs was agreed during a conference call with the Eurogroup of euro zone finance ministers Friday.
“The Eurogroup was informed that Greece will activate the collective action clauses applicable to bonds governed by Greek law,” Eurogroup President Jean-Claude Juncker said in a statement.
He added that Greece had met the conditions for the next step of its second bailout deal
The troubled country has been surrounded by speculation this week that it might not be able to get enough bondholders signed up to the deal – the largest debt restructuring in history – to get it through. It has to use bailout money from the troika of the International Monetary Fund, European Central Bank and European Commission to avoid defaulting on its next debt repayment, due March 20.
Holders of around 5 percent of the bonds rejected the deal….”
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