Greece slashes its debt burden and qualifies for fresh bailout money as part of the €130bn (£109bn) package from the IMF

Greece has won sufficient support from its private-sector creditors to clinch a new bailout package, as it announced on Friday morning that 85.8% of bondholders had agreed to take heavy losses on their investments....At the end of several months of wrangling with creditors, the government reassured markets that it saw take-up for its bond swap deal rising to more than 95% once special clauses were triggered to enforce the agreement. Market players are hopeful the move that will at least briefly quell fears that the Greek crisis will send more shockwaves across Europe and beyond and further harm the global economy....For the bondholders the deal means taking losses of as much as 74% on their holdings but European policymakers have insisted that is a relatively small price to pay for containing the eurozone sovereign debt crisis. Greece is now expected to enforce so-called "collective action clauses" on any holders who had not accepted the bond swap deal.....The deal will mean embattled Greece slashes its debt burden and qualifies for fresh bailout money as part of the €130bn (£109bn) package from the IMF, the E.U. and European Central Bank.....Greek finance minister Evangelos Venizelos thanked creditors for help returning "Greece to a path of sustainable growth".

OK still working this out this morning.... My thoughts, the Greek bond holders have agreed the haircut. But all bonds are insured by CDS----BUT its now up to the banks, the same ones who sold the CDS to decide if they will pay out the insurance? ... This debt swap and the recent flooding of EU banks with a trillion cheap euros seems to be a desperate face saving attempt by EU politicians to keep the increasingly Frankenstein like eurozone patient alive....wowwwww
Surly that can't be right ...!!!!