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Greece Pushes Through Debt Swap

Euro ministers meeting to sign off on second bailout.

By Maria Petrakis and Natalie Weeks, Bloomberg | Updated on March 09, 2012

Greece pushed through the biggest sovereign restructuring in history after cajoling private investors to forgive more than 100 billion euros ($132 billion) of debt, opening the way for a second rescue package.

The euro fell and stocks erased initial gains after the government in Athens today said that it will trigger an option forcing some investors to take part in the exchange, allowing it to clear a 90 percent target rate for participation. Germany and fellow euro-area governments declared the debt swap a success.

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