Greece said that participation in its bondholder swap stood at 95.7% after it pressured private bondholders to participate by saying it would trigger collective action clauses. It also extended, until March 23, sweeteners for holdouts in possession of bonds not written to conform to Greek law.
Bloomberg reported Friday that Germany and other eurozone governments called the swap a success, and that they would decide on a conference call whether to proceed with the second bailout. An hour and a half after the decision is made, the International Swaps and Derivatives Association plans to meet to consider a “potential credit event” relative to Greece.
Greek Finance Minister Evangelos Venizelos was quoted saying, “The debt-swap results show that international markets see the prospects the Greek economy has to regain a sustainable fiscal situation.”