Daily Israel Report
09:31
Reported

News Brief

  3/9/2012, Adar 15, 5772

Greece: Creditors Agree to Bond Swap


Greek officials announced Friday that 85.8% of the country’s private lenders have agreed to a proposed bond swap. If fewer than 75% had agreed, the country would have been forced to declare bankruptcy.

Investors may face losses of up to 74% in the deal. Holders of Greek bonds who did not accept the offer may be forced to go along with it due to collective action clauses.