September 9, 2011
Investors in Greek government debt from around the world tell regulators on Friday whether and how they will participate in a bond swap aimed at giving Athens more time to emerge from a debt crisis, with officials expecting a take-up of about 70%.
Athens has given banks and insurers in 57 countries until 9 September to say whether they intend to take its debt exchange offer, a key part of a second €109bn (£94bn) bailout package it clinched in a 21 July summit to avoid bankruptcy.
"September 9 is the cutoff date and it is very likely that we may have a bigger response rate as bond holders rush on the last day," a source close to the procedure said on condition of anonymity.
Greece had threatened to cancel the deal unless it got 90% participation, meaning €135bn of its outstanding bonds maturing by 2020 swapped or rolled over in a global transaction it wants to conclude next month.
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