Wall Street Journal
March 6, 2012
Twelve financial institutions representing a significant chunk of outstanding Greek bonds held by private lenders have agreed to participate in the voluntary Greek debt swap set to conclude Thursday, according to a statement Monday from the Institute of International Finance, an industry group.
The banks and funds all sit on the steering committee that negotiated the terms of the Greek debt restructuring under the auspices of the IIF, which represents some 450 financial institutions.
The 13th steering committee member, Landesbank Baden-Württemberg, wasn't mentioned in the statement, but the IIF said "completion of the approval processes is still underway for a few steering committee member firms."
The Greek government and European authorities are trying to build support for the debt exchange, which is a central piece of a second bailout package for Greece.
Bringing on board members of the steering committee that negotiated the swap is a far easier task than persuading other creditors to accept the offer. Greek officials have said they ultimately expect very high participation in the restructuring and have made clear they are prepared to use so-called collective-action clauses to force reluctant creditors to accept.
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