Bloomberg News

IIF Says Debt Swap Details Being Given to Steering Committee

February 21, 2012

Feb. 21 (Bloomberg) -- The Institute of International Finance said details of a debt-swap agreement between private creditors and Greece will be submitted to the group’s full steering committee to be reviewed.

The offer involves a 53.5 percent reduction in the nominal face value of Greek debt held by private investors, according to an e-mailed statement today.

The new bonds given to private holders of Greek debt will be governed under English law, the statement said.

To contact the editor responsible for this story: Tom Stoukas at

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