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Greece: not all funds are joining the debt swap deal
Five Greek pension funds refused to join the debt swap deal the government offered private creditors.The funds hold 2 billion euros worth of bonds, which amounts to 1% of the over 200 billion euro swap. Greek private creditors have till Thursday to say whether they will participate or not, and up to now at least 12, holding 2,7 billion euros of bonds, said they would accept the exchange. Most Greek banks have signed up as well. Greece wants at least a 90% take-up but at 75% it would use the collective action clauses on 86% of private creditors holding Greek law bonds. Below the 75% target the exchange would no longer ... (full story)