Greece on Monday completed the exchange of EUR177.2 billion of bonds issued under Greek law as part of its debt-restructuring plan, the Public Debt Management Agency said.
Under the exchange, private-sector investors swapped their old bonds for new ones with less than half the face value, lower coupons, and longer maturities, effectively writing off EUR105 billion in Greek debt holdings, according to Dow Jones.
“By delivering the consideration described in the invitations [made], the Republic discharged in full its obligations to the holders of the Republic΄s amended Greek-law bonds,” the agency said in a statement.
The new Greek government bonds have a range of maturities between 11 and 30 years, with step-up coupons. These coupons range from 2% up to 2015, 3% from 2016 to 2020, 3.65% in 2021 and 4.3% between 2022 and 2042.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
