Financial News: Gov't awaits results of bond swap participation process

Greece is expecting results of a state bond swap programme with private investors, agreed to during an extraordinary EU Summit on July 21, after a deadline for expressing interest in the programme expired on Friday.
Under the procedure, banks and insurance companies will notify their national supervisory authorities if and how they plan to participate in a bond swap programme, under a second support package for Greece.
The Institute of International Finance (IIF), the coordinator of bank and insurance companies worldwide, in an announcement last week, said that private investors’ participation in the programme was around 50-70 pct while expressing optimism that this rate would rise further.
Greek Finance Minister Evangelos Venizelos, in a letter sent to foreign governments late last month, asked private investors to express their interest in the programme, saying it could be annulled if participation was below 90 pct.
Under an agreement reached at the EU Summit, within the framework of a second bailout for Greece, private investors could participate in a bond swap deal up to 90 pct, exchanging Greek state bonds worth 135 billion euros maturing up to 2020.

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