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Greece Government Links Debt-Exchange to Reaching 90% Participation Level - Bloomberg
Greece solicited support from 57 countries for private investor involvement in a rescue plan for Europe’s most-indebted nation, saying it could scrap the debt swap if participation by banks didn’t reach 90 percent.
“We are moving ahead with preparations for private-sector involvement,” Finance Minister Evangelos Venizelos told lawmakers in
Athens today. “All euro-zone countries and institutions as well as international banks are taking part in this effort under our coordination.”
Greece outlined the plan in a document sent yesterday to the finance ministries of 57 countries where banks and insurers hold Greek debt. Venizelos said earlier this month that Greece was seeking a participation rate of 90 percent, or 135 billion euros ($195 billion) of bonds.
“If these thresholds are not met, Greece shall not proceed with any portion of the transaction described in this letter if it determines” there isn’t enough private sector involvement “to permit the official sector to support the new multi-year adjustment program,” the document says.
Rescue Package
Germany’s push for private investors to foot part of the bill for a new aid package for Greece delayed an agreement on the rescue until a July 21 summit and contributed to debt crisis contagion to Spain and
Italy. The swap, under which investors would exchange debt at a discount for new Greek bonds, was due to contribute about a third of the 159 billion-euro package agreed to at the July meeting.
Greece needs to wrap up the debt swap to secure final approval for the new aid package by euro-region governments in September. The
Institute of International Finance, a trade association of more than 400 banks and insurers, has been leading the talks on the swap and has said it was also seeking a 90 percent participation rate.
The yield on the country’s two-year notes topped 45 percent this week for the first time on concern that the rescue package may founder. Greece needed the aid after a 110 billion-euro bailout in May of last year failed to bring down borrowing costs enough for the country to return to markets, leaving the country at risk of default.
‘Proceeding Well’
“We have reasons to think that the talks are proceeding well,” European Commission spokesman
Amadeu Altafaj told reporters in Brussels today. He said he expected participation to be in line with the plan announced in July.
Approval of the aid plan has also been complicated by
Finland’s demands that it receive collateral for its share of the new loans for Greece. A collateral agreement between Finland and Greece, prompted other nations to demand similar treatment, threatening to delay or scuttle the new aid plan.
The Greek government asked the finance ministers to prepare information on ownership of Greek bonds maturing through Dec. 31, 2020, according to the document released in an Athens bourse filing today. Financing terms of the four debt-exchange options agreed upon for the July summit were outlined in the document.
“At first glance, the four instruments are similar to what had been outlined” by the Institute of International Finance, said
Christoph Rieger, head of fixed-income strategy at Commerzbank AG in
Frankfurt. They are “setting the hurdle high” on the 90 percent participation rate.
Greece’s debt is forecast to peak at 161 percent of gross domestic product next year, according to European Commission data released on July 4. Venizelos said the economy will shrink more than 4.5 percent this year. In 2012, a “drastic reduction of the recession” is expected even if there isn’t growth, Venizelos said.
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Peccato che il signore in questione era basso , nero, occhi neri, zoppo con perversioni sessuali. Non mi stupirei che alla storia sia stato celato che fosse pure della stessa razza che lui ha trucidato nei campi di sterminio (Ebreo).
