Debt - Greece: a brief respite?
This is the relief Friday. Greece and the Europeans have managed to accept private investors to participate in the rescue of Athens. 83.5% of banks and other holders of Greek debt funds have agreed "voluntarily" to suffer a loss of more than 75% of the value of their bonds to avoid the cataclysm probably would have triggered an outright failure of the country . This is the largest debt restructuring in history.
It must be said that the Institute of International Finance (IIF), which negotiated the debt restructuring with the Greek government, had put pressure on everyone believing that such an outcome would have cost at least one trillion euros, including creditors of Athens, including France.
The conditions imposed by the Europeans are now met to agree to pay a portion of the second aid package of 130 billion promised to the Greeks as early as October 2011. And in fact, 35.5 billion were released Friday, which will allow Athens to honor the 14.5 billion euros of debt that mature on March 20.
This is the relief Friday. Greece and the Europeans have managed to accept private investors to participate in the rescue of Athens. 83.5% of banks and other holders of Greek debt funds have agreed "voluntarily" to suffer a loss of more than 75% of the value of their bonds to avoid the cataclysm probably would have triggered an outright failure of the country . This is the largest debt restructuring in history.
It must be said that the Institute of International Finance (IIF), which negotiated the debt restructuring with the Greek government, had put pressure on everyone believing that such an outcome would have cost at least one trillion euros, including creditors of Athens, including France.
The conditions imposed by the Europeans are now met to agree to pay a portion of the second aid package of 130 billion promised to the Greeks as early as October 2011. And in fact, 35.5 billion were released Friday, which will allow Athens to honor the 14.5 billion euros of debt that mature on March 20.
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