The debt deal statement from Greece’s Deputy Prime Minister

Evangelos Venizelos, Deputy Prime Minister and Minister of Finance of Greece, issued a statement after the sovereign debt swap deal with private bondholders closed last night. We publish it below.

 

Holders of approximately €172bn principal amount of bonds issued or guaranteed by the Hellenic Republic [Greece] have tendered their bonds for exchange or consented to proposed amendments in response to the invitations and consent solicitations announced by the Republic on 24 February 2012.

Of the approximately €177bn of bonds issued by the Republic and governed by Greek law and subject to the invitations, the Republic has received tenders for exchange and consents from holders of approximately €152bn face amount of bonds, representing 85.8% of the outstanding face amount of these bonds.

Holders of 5.3% of the outstanding face amount of these bonds participated in the consent solicitation and opposed the proposed amendments.

The Republic has advised its official sector creditors that upon confirmation and certification by the Bank of Greece as process manager under the Greek Bondholder Act, it intends to accept the consents received and amend the terms of all of its Greek law governed bonds, including those not tendered for exchange pursuant to the invitations, in accordance with the terms of the Greek Bondholder Act.

Accordingly, the Republic will not extend the invitation period for its bonds governed by Greek law.

The Republic has also received tenders for exchange and consents to the proposed amendments from holders of approximately €20bn aggregate face amount, or 69%, of its bonds issued under laws other than Greek law, and of bonds issued by state enterprises and guaranteed by the Republic selected to participate in the invitations.

If the consents to the proposed amendments to the Republic’s Greek law bonds are accepted, the sum of the face amount of those bonds that will be exchanged and of the other bonds subject to the invitations for which the Republic has received tenders for exchange and consents to the proposed amendments will total approximately €197bn, or 95.7% of the total face amount of the bonds subject to the invitations.

 

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