Eurozone reaches deal on $170 billion Greek bailout, cuts debt to 120.5 pct of GDP by 2020 The USA Times

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Wednesday, May 23, 2012

Eurozone reaches deal on $170 billion Greek bailout, cuts debt to 120.5 pct of GDP by 2020

(AP Photo/Yves Logghe)

ATHENS, Greece - A Greek finance ministry official says the country's debt-reducing bond swap with private creditors is expected to take place on March 12.

The official said Tuesday that responses to the bond swap offer, which will be launched by the end of this week, will be evaluated on March 9 to determine whether at least 66 per cent of private sector bondholders are willing to participate in the deal. That is considered the minimum to make the deal viable.

The official spoke on condition of anonymity in line with ministry rules.

The Finance Ministry said earlier the government will submit legislation to parliament introducing collective action clauses, which would force reluctant investors into the deal. The ministry said the legislation would be available "if necessary" to achieve high participation levels.