Cyprus’ two largest lenders, Bank of Cyprus PCL (BOCY.CP) and Marfin Popular Bank PCL (CPB.CP), said Wednesday they will take part in a bond-swap deal aimed at reducing Greek debt by more than EUR100 billion.
An official from Bank of Cyprus said it owns some EUR2 billion of Greek government bonds, while an additional EUR3 billion is held by Marfin Popular Bank.
So far, holders of more than EUR100 billion of Greek bonds have pledged to participate in the exchange offer as part of a debt restructuring that will see the value of their holdings more than halved. Private-sector creditors have until Thursday night to declare whether they will take part in the deal.
(source: Dow Jones)
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