BUSINESS

IIF foresees ‘very very high’ participation in Greek debt swap

Participation in the Greek government’s debt swap is likely to be “very, very high,” according to one of the main negotiators on the private-sector side, Wall Street Journal informs. Charles Dallara, head of the Institute of International Finance (IIF), a lobby group for the world’s largest banks, said he’s “quite optimistic” that the Greek debt-restructuring deal, the largest debt-reduction effort ever, will come together in the final hours. The deal replaces existing bonds with a package of new securities with long maturities and less than half the face value. Completion of the swap is needed if the European Union (EU) and the International Monetary Fund (IMF) are to provide EUR 130 billion (USD 171.95 billion) in new loans to Greece, enabling it to avoid defaulting on its remaining debts. The deadline for investors to participate was 20:00 GMT on Thursday, and results were published this morning at 06:00 GMT on the official government website for the exchange

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