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| Greece confirms debt swap deal success | Greece confirms debt swap deal success |
| (31 minutes later) | |
| The Greek government has confirmed that it has secured sufficient backing for a debt swap deal that will enable it to avoid defaulting on its debts. | The Greek government has confirmed that it has secured sufficient backing for a debt swap deal that will enable it to avoid defaulting on its debts. |
| 85.8% of bondholders subject to Greek law agreed the deal, according to the Greek Ministry of Finance. | |
| Take up was high enough for the government to activate so-called collective action clauses (CAC) bringing total participation to 95.7%. | |
| Athens needed to get 75% agreement to be able to push through the deal. | Athens needed to get 75% agreement to be able to push through the deal. |
| Greece needs to carry out the debt swap before it gets a second bailout from the European Union, European Central Bank and International Monetary Fund. | |
| Only 69% of the minority of bondholders not governed by Greek law agreed the deal. | |
| The government has extended the deadline for these foreign bondholders to sign up until March 23. | |
| So far the deal involves 172bn euros ($227.04bn, £143.7bn)) worth of debt with investors taking a total loss of up to 74%. | |
| Greece had said it wanted 90% of bondholders, such as banks and pension funds, to agree to take a 53.5% cut in the 206bn euros ($272bn; £172bn) of Greek bonds they hold. But it only requires a 75% take-up to be able to force through the deal. | |
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