Investors With 60% of Greek Bonds Agree to Swap

[jannyk]

2. But they need 75% agreement not 60%

See here:
http://www.bbc.co.uk/news/business-17294865

"Greece needs at least 75% of bondholders to agree to take a 53.5% cut in the value of their holdings. Private investors have until 2000 GMT on Thursday to agree to the debt swap on the 206bn euros of Greek bonds they hold. On Wednesday, the Institute of International Finance said that just under 40% of private holders of the outstanding Greek debt had agreed to it.

Bondholders are also being asked to accept a lower interest rate and give Greece more time to repay them. Late on Tuesday, Greece's finance ministry said that six of the country's largest banks would accept the deal.

"The republic's representative noted that if [private sector involvement] is not successfully completed, the official sector will not finance Greece's economic programme and Greece will need to restructure its debt," it said on Tuesday.