Greece has said it has received enough backing to push through the largest restructuring of government debt in history. – BBC News

 

From BBC News

EXCERPTS:

Holders of 85.8% of debt subject to Greek law and 69% of its international debt holders agreed a debt swap, according to the Ministry of Finance.

 

The Greek Finance Ministry had made it clear that the alternative to the debt swap is a potential default.

 

So far the deal involves 172bn euros worth of debt, according to the Greek government website, with investors taking a total loss of up to 74%.

The deal should cut 107bn euros from Greece’s total government debt.

 

“This does not mean the debt situation in Greece is resolved, and this is not the last time we will be hearing about this. But it is a relief that it didn’t go the other way. It could have been a lot worse,” said Tim Ghriskey, chief investment officer at Solaris Group in New York.

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