Investors with holdings amounting to 39.3 percent of the Greek bonds eligible for the nation's debt swap agreed to sign on, moving the country closer to the biggest sovereign restructuring in history.
The 30 members of the private creditor-investor committee for Greece who plan to participate in the swap hold an aggregate 81 billion euros ($106 billion) of bonds, according to an e-mailed statement from the Institute of International Finance today. The offer ends at 8 p.m. Athens time tomorrow.
The goal of the exchange is to reduce the 206 billion euros of privately held Greek debt by 53.5 percent and turn the tide against the debt crisis that has roiled Europe for more than two years. The government said it will use collective action clauses to force holders of Greek-law bonds into the swap if necessary.
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