Greece total debt to be restructured

Published on in Foreign Exchange News by

Greece is to face holdouts on foreign law bond swaps due to rejected or failed to agree to the exchange including the country’s debt swap deal as the majority of investors holding foreign law Greek bonds haven’t yet been able to agree a deal. said the country’s debt agency Monday, who are trying to set a new deadline for the offer.

In a statement, the Public Debt Management Agency (PDMA) said investors holding 20 of the 36 bonds in question either voted down or otherwise failed to approve key changes to the bond contracts. These amendments would allow Greece to force the remaining investors into the deal. The statement came after a series of bondholder meetings held between March 27 to 29.

“The Republic accepted the effective amendment of all series where the extraordinary resolutions were approved by the requisite majority and re-opened the consent solicitation for all series where meetings have been adjourned to April 18,” it said. The previous deadline was April 4.

The foreign law bond swap is part of Greece’s overall debt restructuring, which saw more than EUR100 billion knocked off Greece’s debt burden after investors accepted a haircut of 53.5% on Greek domestic law bonds.

Last week, euro-zone finance ministers issued a statement which hinted strongly that they would back Greece if it didn’t make the payments on foreign law bonds.

Greece total debt to be restructured is 177 billion euros which are in the form of government bonds issued under the laws of Greece, It is estimated that about 10 billion euros are bonds issued by state- owned companies and guaranteed by Greece, and 18 billion euros are government bonds issued under the laws of foreign jurisdictions.

There are therefore around 9 billion euros of bonds belonging to creditors who could challenge the exchange through courts or arbitration panels.

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