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...
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