Greek debt swap has passed the 75% threshold, both Reuters and Dow Jones report

03/08/2012 12:33 pm EST


Jim Jubak

Founder and Editor,

It looks like the participation in the Greek debt swap has passed the magic 75% threshold. Both Reuters and Dow Jones are reporting that number in the last hour quoting sources in the Greek government. A meeting of the Greek cabinet has just ended with Finance Minister Evangelos Venizelos saying that the debt swap is going well.

A 75% participation rate would push the swap above the 75% threshold that the Greek government says is its minimum for proceeding with the offer. A 75% participation rate is also above the 66% level that would let the Greek government invoke collective action clauses on 90% or so of the government’s outstanding debt and force holders of those bonds to participate in the swap.

The government has said that it will post the results for the swap offer, which ends tonight, on the website of the Greek Treasury at 6 a.m. Greenwich time tomorrow. (If I’m doing the conversion right that is midnight New York time.) Here’s a link to that Treasury website
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