France says Greece debt swap good news

By REUTERS
March 9, 2012 09:13
1 minute read.

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

PARIS - French Finance Minister Francois Baroin said on Friday that Greece's negotiated debt-swap deal was good news and avoided a default for the debt-laden country.

"It's good news, its a good success," Baroin told RTL radio. "It's something that allows us to stay on a voluntary basis that avoids the risk of default."

He said he also had confidence in the Spanish government's ability to resolve its large deficit pile.

Greece said on Friday that 85.8 percent of private creditors had accepted its bond swap offer and that the rate would reach 95.7 percent with the use of collective action clauses to enforce the deal.

In a statement following closure of the offer late on Thursday, the finance ministry said 172 billion euros in total had been tendered for the deal, which will force investors to take losses of as much as 74 percent on their holdings.

It said it had informed its international partners that it intends to enforce the collective action clauses on any holders of the outstanding 177 billion euros of bonds regulated under Greek law who had not accepted the offer.

The deadline for acceptance of the offer for bonds governed by international law and for state-guaranteed bonds issued by public companies has been extended to March 23.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
November 16, 2018
U.S. imposes sanctions for Khashoggi killing, Saudis seek death penalty

By REUTERS