Greece saw participation by private investors in its massive debt relief deal rise on Wednesday, bringing the country closer to avoiding a default that would plunge it into financial chaos and reignite the European debt crisis.
Private investors holding some €95 billion ($125 billion) in Greek bonds said Wednesday that they will participate in a massive debt relief for the struggling country, bringing Athens closer to avoiding default.
A Greek default appears likely soon as Greece Dispatches Officials to US Over Default Fears.
Greece sent senior officials to Washington on Monday for meetings with the International Monetary Fund as it raced against the clock to break a deadlock in debt swap talks that has raised fears of an unruly default.
It is possible if not likely we have to suffer through at least 11 more Groundhog days as Greece sets March 8 deadline for investors in bond swap.
Greece has set a March 8 deadline for investors to participate in its unprecedented bond swap aimed at sharply reducing its debt burden, according to a document outlining the offer.
European finance ministers and politicians have come to the conclusion that a deal, even one involving a credit event, is better than no deal at all. Thus it is increasingly likely the Greek Debt Wrangle will trigger credit default swaps.
Opposition to payouts on Greek credit-default swaps from European Union policy makers is softening as disputes over a voluntary debt exchange threaten to push the nation into default.