Wednesday, March 07, 2012

Thursday: Another Key Day for Greece

by Bill McBride on 3/07/2012 09:42:00 PM

"Another key day" seems like a broken record, but tomorrow is the deadline for the €206bn private sector Greek bond swap.

Also the ECB meets tomorrow, and ECB President Mario Draghi will hold a press conference.

From the WSJ: Greece Moves Closer to Swap

The €107 billion so far in pledges, coming ahead of the Thursday deadline, suggest that Greece is well on its way to getting enough creditors to consent to make the deal binding for any that refuse to take part.
...
The holdouts aren't likely to affect the broad acceptance of the deal, but they could be a thorn in the side of Greece and its euro-zone rescuers for years to come.
From the Financial Times: Greece inches closer to €206bn debt deal

From the Athens News: Venizelos confident that bond swap will work
Finance Minister Evangelos Venizelos said on Wednesday that he is optimistic that Greece will get the necessary backing from its private creditors for a voluntary bond swap and that the Greek debt will fall to 120 percent of GDP "or even better" by 2020.
Good luck with the 120 percent by 2020, but it does sound like the swap will go ahead.

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