Monday, 6 June 2011

Greece Update: Creditors asked to accept longer maturities


From the WSJ: Greece Creditors Must Give €30 billion to Bailout

Euro-zone governments have reached a tentative deal ... that will seek roughly €30 billion in contributions from the country's private-sector creditors ...
[additional] financing will likely come with the condition that the banks, pensions funds and other investors holding Greek bonds agree to exchange them for new bonds with a longer maturity to help fill Greece's financing gap over the next three years
This will be "voluntary" and not trigger a "credit event", but the alternative - according to one official - is default.
Summary for Week Ending June 3rd

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