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February 27, 2012

Estimated 85% of private bond holders have accepted swap

If "Collective Action Clauses" are implemented by the Greek government in order to force bond-swaps, this would trigger both an insurance event (if then classified as a 'credit event') by the International Swaps and Derivatives Association, and the credit ratings agencies could then declare the action a defacto default.

WIth the pressure on to push as many bondholder groups into the swap-deal, one of the surprising holdouts were six of the fifteen state-run Greek pension agencies.

Greece has €14.5 billion bond maturities to pay on March 20, and the tranche payment from the latest troika deal is being held until a deal is clinched with the private investors.

More about the Troika in Greece:

The June 2011 Troika Loan Plan

"Midterm" Troika plan passes Greek Parliament - June 2011

Troika primary requirement: Reduce the size of the Greek state - Sept 2011

Questions about Troika Powers in Greece - June 2011

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