Arab Today, arab today bond deal to wipe €100bn off greece\s debt
Last Updated : GMT 03:13:39
Arab Today, arab today
Arab Today, arab today

Bond deal to wipe €100bn off Greece\'s debt

Arab Today, arab today

Arab Today, arab today Bond deal to wipe €100bn off Greece\'s debt

Athens - Arabstoday

Beleaguered Greece finally looked to have staved off a catastrophic default last night after sealing an 11th-hour deal with banks and hedge funds to slash its huge debt burden. Athens\' latest €130bn (£109bn) rescue package hinges on a swap deal, under which Greece\'s private-sector creditors agree to exchange their existing bonds for those of much lower value, wiping €100bn off the nation\'s debt. The deal comes after months of negotiations with increasingly impatient European leaders, the toppling of socialist Prime Minister George Papandreou, and violent protests in Athens over austerity measures imposed in return for the rescue funds. The swap deadline loomed as Greece faced another broadside from Germany over failure to slash costs and boost private investment. German Economy Minister, Philipp Rösler, said Greece\'s slow pace of reform was \"disillusioning\". Investors had until 8pm last night to sign up to the swap deal but an hour before the deadline, one Greek official said, there was 95 per cent acceptance with more expected. Such a level was much higher than had been anticipated even yesterday afternoon and means the remainder can be pressed to take part through \"collective action clauses\". Preliminary results from the offer were expected to be announced officially at 6am this morning. Finance Minister Evangelos Venizelos will hold a news conference before a call with euro zone finance ministers this afternoon. If the swap failed to win enough support, the bailout will fall apart and Greece will default on its debts in less than two weeks, when a €14.4bn bond repayment is due. Only bonds held by private investors are part of the deal, meaning that outstanding amounts held by the European Central Bank and other central banks are exempt. \"Obviously for the majority of bondholders it does make sense to accept the deal as it is better to get something rather than nothing and if the exchange failed and Greece undertook a disorderly default then the likelihood is that nothing is close to what bondholders would recover,\" said Gary Jenkins, managing director of Swordfish Research. Participants agreed to accept bonds worth 74 per cent of their investments. The bond swap is a radical attempt to pull Greece out of its debt spiral and put its economy back on the path to recovery. The hope is that by slashing the overall debt to 120 per cent of GDP, Greece can gradually return to growth and eventually repay the remaining money it owes. The task, even with the debt reduction, is a massive one. Figures released yesterday showed unemployment had shot up to a record 21 per cent in December. Young people are faring even worse with 51.1 per cent of those aged between 15 and 24 out of work.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bond deal to wipe €100bn off greece\s debt Arab Today, arab today bond deal to wipe €100bn off greece\s debt

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bond deal to wipe €100bn off greece\s debt Arab Today, arab today bond deal to wipe €100bn off greece\s debt

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday