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Posted on: March 5th, 2012 by AlYunaniya Staff No Comments

Greek debt swap in progress

Euro coins and bills

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Developments this week remain crucial for the country since the debt swap involving private bondholders (PSI) is concluded and a decision is expected on Thursday night as to whether participation in the exchange is adequate.

In a general comment, the Board of Directors of the Institute of International Finance (IIF) said it strongly supports the recent agreements among Greece, Euro Area authorities, and the IMF on a new adjustment and financing program for Greece, including the common understanding of the terms of a voluntary exchange of privately held Greek Government Bonds as presented in the February 21, 2012 statement by the Steering Committee of the Private Creditor-Investor Committee for Greece.

According to the announcement, “the decision to participate in the debt exchange lies exclusively with individual investors. The IIF Board is firmly of the view that a successful completion of the exchange will contribute meaningfully to facilitating the official financing for Greece and help Greece to carry out necessary reforms to set the basis for economic recovery. These are important steps towards resolving the Greek debt crisis, addressing the overall fiscal and sovereign debt problems in the Euro Area, and restoring financial stability, which is essential to foster economic growth and job creation.”

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