Investors With 60% of Greek Bonds Agree to Swap

[dipsydoodle]

3. Greece optimistic as bond swap deadline nears

(Reuters) - Major banks and pension funds threw their weight behind Greece's bond swap offer to private creditors, making it increasingly likely the deal will pass and clear the way for a bailout package to avert an immediate default.

With the 8 p.m. deadline for acceptances nearing and holders of at least 57 percent of the total 206 billion euros in outstanding debt already committed, there appeared to be growing confidence in Athens that the exchange would go through.

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Some hedge funds and several Greek pension funds were holding out but the high level of acceptances well before the deadline suggested that the deal was progressing smoothly despite initial warnings of a low take-up.

http://uk.reuters.com/article/2012/03/08/uk-greece-idUKBRE8270FF20120308 ATHENS | Thu Mar 8, 2012 9:32am GMT

I'm still not sure whether or not those who don't accept can have their CDSs triggered. Notwithstanding that all of the new bonds are covered by international law : not Greek law. That means no pay - surrender state assets.