Greece achieved the second ransom for 130 billion euros
Greece has exceeded aroused fears in the markets in recent days and has achieved that most creditors will host the most removed from modern history, which also allows access to a second bailout worth 130,000 million euros.
"It's a historic moment. The exchange of the bonds has been very successful and reduce debt by about 100,000 million. We will move forward with confidence to stabilize the economy and develop it," the minister said government spokesman Pantelis Kapsis, channel in an interview with Mega after learning the results.
The closing of the restructuring of debt in private hands helena has also been blessed by the ministers of the Eurogroup, which announced after a conference that Greece has fulfilled all the conditions to get a new loan of 130,000 million euros to save the country from bankruptcy.
"The Eurogroup believes that the necessary conditions," the president of this organization, Jean-Claude Juncker said in a statement, which was recalled that the full off adjustment measures and reforms undertaken by Athens.
As announced this morning Authority Public Debt Management (PDMA), holders representing 85.8% of the debt restructuring that is under the sovereignty helena (177,000 million) adhere voluntarily accepted.
Of the remaining 29,000 million euros in bonds that are under British sovereignty, Japanese, Swiss, French and U.S. creditors holding 20,000 million announced that participate voluntarily, a figure that could increase as these holders have until March 23 to join the bidding.
Greek Finance Minister Evangelos Venizelos, warned that since the number of creditors opposed to off has been "minority" will activate the Collective Action Clauses (CACs) in sovereign bonds under Helena.
This will allow the total of 177,000 million euros in helena sovereignty is restored, which, added to the bonds under other sovereigns that restructured (and can not force Greece to submit through the ACC), yields a total of 197,000 million, 95.7% of the 206,000 million were offered to remove it.
"This result, which is very powerful and positive, is a great opportunity for Greece to now move forward with its reform program, while strengthening the capacity of the euro area to create an environment of stability and growth," said Josef Ackermann, chairman of the Institute of International Finance (IIF), the employer's bank, and Deutsche Bank.
This is something that the minister Venizelos agreed, but warned that the plan removes Greek "is unique and will not be repeated" in other European countries with difficulties.
He added that the success of the haircut can expect "better results than expected" in the stabilization of the Greek economy if the country applies "to literally" program of reforms and cuts promoted by the European Union (EU ) and the International Monetary Fund (IMF).
According to a source told Efe the Ministry of Finance, the debt swap under Greek sovereignty was held on Monday, March 12, once activated the ACC.
Thus, existing bonds will be replaced by new ones by 53.5% of its value, but securities guaranteed by the European Financial Stability Fund and governed by British law more favorable to creditors in case of default Greek.
The problem of activation of the ACC is that it involves the risk of being interpreted as an effective default, something that would trigger the CDS insurance that many investors hired to protect their bonds for a possible Greek default.
The International Swaps and Derivatives (ISDA) should assess whether there has been a "credit event" (credit event), that is, whether there has been a de facto Greek debt default, which could occur if one understands which has forced a creditor to accept a non-voluntary removed, and also discuss whether activation of the ACC is an effective default.
In case of credit event, would be activated insurance debt default (CDS), which could cause a disruption in the markets.
These default insurance associated with the Greek debt reached EUR 3,200 million dollars (2,420 million euros).
"It's a historic moment. The exchange of the bonds has been very successful and reduce debt by about 100,000 million. We will move forward with confidence to stabilize the economy and develop it," the minister said government spokesman Pantelis Kapsis, channel in an interview with Mega after learning the results.
The closing of the restructuring of debt in private hands helena has also been blessed by the ministers of the Eurogroup, which announced after a conference that Greece has fulfilled all the conditions to get a new loan of 130,000 million euros to save the country from bankruptcy.
"The Eurogroup believes that the necessary conditions," the president of this organization, Jean-Claude Juncker said in a statement, which was recalled that the full off adjustment measures and reforms undertaken by Athens.
As announced this morning Authority Public Debt Management (PDMA), holders representing 85.8% of the debt restructuring that is under the sovereignty helena (177,000 million) adhere voluntarily accepted.
Of the remaining 29,000 million euros in bonds that are under British sovereignty, Japanese, Swiss, French and U.S. creditors holding 20,000 million announced that participate voluntarily, a figure that could increase as these holders have until March 23 to join the bidding.
Greek Finance Minister Evangelos Venizelos, warned that since the number of creditors opposed to off has been "minority" will activate the Collective Action Clauses (CACs) in sovereign bonds under Helena.
This will allow the total of 177,000 million euros in helena sovereignty is restored, which, added to the bonds under other sovereigns that restructured (and can not force Greece to submit through the ACC), yields a total of 197,000 million, 95.7% of the 206,000 million were offered to remove it.
"This result, which is very powerful and positive, is a great opportunity for Greece to now move forward with its reform program, while strengthening the capacity of the euro area to create an environment of stability and growth," said Josef Ackermann, chairman of the Institute of International Finance (IIF), the employer's bank, and Deutsche Bank.
This is something that the minister Venizelos agreed, but warned that the plan removes Greek "is unique and will not be repeated" in other European countries with difficulties.
He added that the success of the haircut can expect "better results than expected" in the stabilization of the Greek economy if the country applies "to literally" program of reforms and cuts promoted by the European Union (EU ) and the International Monetary Fund (IMF).
According to a source told Efe the Ministry of Finance, the debt swap under Greek sovereignty was held on Monday, March 12, once activated the ACC.
Thus, existing bonds will be replaced by new ones by 53.5% of its value, but securities guaranteed by the European Financial Stability Fund and governed by British law more favorable to creditors in case of default Greek.
The problem of activation of the ACC is that it involves the risk of being interpreted as an effective default, something that would trigger the CDS insurance that many investors hired to protect their bonds for a possible Greek default.
The International Swaps and Derivatives (ISDA) should assess whether there has been a "credit event" (credit event), that is, whether there has been a de facto Greek debt default, which could occur if one understands which has forced a creditor to accept a non-voluntary removed, and also discuss whether activation of the ACC is an effective default.
In case of credit event, would be activated insurance debt default (CDS), which could cause a disruption in the markets.
These default insurance associated with the Greek debt reached EUR 3,200 million dollars (2,420 million euros).
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