March 4, 2012
The head of the international consortium of financial institutions that negotiated Greece’s debt restructuring said private bondholders were gradually coming on board to the deal.
He also believed there would be a high participation rate by the time the offer closes at the end of the week.
Charles Dallara, managing director of the Institute of International Finance, acknowledged some investors had informed him they believed they could hold out for a better deal. But Mr Dallara said they were becoming increasingly convinced the only alternative would be a full-scale Greek default.
“As they study the deal and look a the real choices they face, taking in the exchange offer and the alternatives, I think there will be growing recognition of the benefits,” Mr Dallara said in an interview Sunday. “I personally don’t know what deal is emerging around the corner, if one thinks there is a better deal out there.”
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