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Greece Closes in on Debt Swap

Private investors with about 60% of the debt have agreed to participate.

By Maria Petrakis and Fabio Benedetti-Valentini, Bloomberg | Updated on March 08, 2012

Greece moved closer to sealing the biggest sovereign restructuring in history as investors indicated they’ll participate in the nation’s debt swap.

Holders of about 60 percent of the Greek bonds eligible for the deal, including Greece’s largest banks, most of the country’s pension funds and more than 30 European banks and insurers including BNP Paribas SA and Commerzbank AG, have agreed to the offer so far. That brings the total to about 124 billion euros ($163 billion), based on data compiled by Bloomberg from company reports and government statements.

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