Around €23 billion will be used to recapitalize Greek banks that would otherwise collapse under the losses from the debt relief.,
jordan shoesPrivate investors have until next Thursday to decide whether they will swap their Greek bonds for new ones with a lower face value,
Lunettes De Soleil, lower interest rates and longer repayment periods.
Of the €93.5 billion Greece needs in the coming weeks,
burberry soldes, as much as €35.5 billion are immediate payouts for banks and other investors participating in the bond swap.
However,
lunettes rayban, the final green light for as much as €93.5 billion ($125.69 billion) -- which Greece needs to implement the debt swap -- will come next week.
Overall,
burberry, bondholders will lose more than 70 percent of the value of their holdings,
louboutin, but in return they will receive some of the money they are owed immediately and have at least the hope that they will get some more of it back in 30 years. Without the debt relief deal and the new bailout,
air jordan shoes, Greece would have defaulted on its debts within weeks,
ray ban, potentially sending ripples across the world financial system.
GREECE Greece secures new bailout,
burberry soldes, but recovery still in doubt GREECE Bailout faces overhaul as Greek economy 'much worse' than thought GREECE Eurozone agrees second €130bn Greek bailout Date created : 01/03/2012 Print Comment Send this page
A successful implementation of the €107 billion ($143.84 billion) debt relief deal with private bondholders is a precondition for Greece to receive the rest of the €130 billion bailout.
AP - The finance ministers of the 16 other countries that use the euro on Thursday agreed in principle to give Greece a first batch of bailout money to finance a massive debt relief deal with private investors.
The remaining €35 billion will go as collateral to the European Central Bank while Greece’s own bonds are rated in selective default. That money will be freed up again once Greece’s rating improves.
After a three-hour meeting in Brussels, the ministers said the payout can go ahead once Athens has passed “a few pending implementing acts” for promised austerity measures and the ministers how many banks and investment funds will actually participate in the bond swap.
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