Thursday, March 8, 2012

Reports: Greek PSI Participation Has Reached 75%

Has a hard Greek default been averted at the 11th hour?
Reuters newsflash reports that the Greek PSI participation has reached the needed 75%, and that there have been 'no surprises'

More from Reuters:

Greece's bond swap is going well, the country's finance minister told a cabinet meeting on Thursday ahead of a 2000 GMT deadline, one cabinet member told reporters.
 "Venizelos informed the cabinet that the PSI (debt swap) is going well, there are no surprises," said a minister who took part in the meeting and declined to be named.
 Athens must secure the deal as part of a financial bailout that will allow it to redeem debt coming due in less than two weeks. Missing that repayment would potentially destabilize the euro zone's financial system and undermine the euro.

Our guess is that if they really had 75%, the whole world would know about it, and the minister leaking this 'info' would have no issues with being named as the source of the info. We'll know shortly.