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Greek Swap goes through? | Insight Europe

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One hour and more past the Thursday deadline, FT is reporting 95% agreement on the swaps which means the CACs are not required and no default is triggered on the exchange which goes through at the offer’s 53.5% rate. As you dig deeper the surmise is dependent on triggering the CACs which come in on acceptance between 75% – 90% under UK law and over 66% under Greek Law. Earlier, Thursday AM data had crept up to 60% of the EUR 206 bln held by Private investors having agreed to the PSI offer. The EUR 177 bln that qualify under Greek Law would be extinguished for $15 in Cash and $31.5 in new UK law bonds. The bonds are currently yielding 17-21%

 

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