Biggest Debt Restructuring In History Buys Greece Only 'A Bit Of Time' -- Christian Science Monitor
Private investors agreed to write off 85.8 percent of Greece's private debt, but analysts warn that if Greece doesn't address underlying problems, the deal will not fix things for long.
Greece has succeeded in pushing through the biggest sovereign debt restructuring in history, with 85.8 percent of those holding private Greek debt agreeing to join a debt write-off deal, according to the Ministry of Finance in Athens.
The deal cuts Greek debt by around €105 billion ($138.8 billion) – about half of the country's private debt – and clears the way for Greece's second international bailout package, this one worth €130 billion ($173 billion). European finance ministers said today that they would immediately release the first tranche of the funds, worth €35 billion ($46.2 billion).
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More News On Greece Avoiding Bankruptcy
Debt crisis and Greek bond swap: live -- The Telegraph
Greece secures biggest debt deal in history -- AP
Greece secures deal to lower debt, avoid default -- L.A. Times
Greece dodges the first default bullet -- The Guardian
Greece 'meets bailout conditions' after debt swap -- BBC
Greece averts immediate default, markets sceptical -- Reuters
Debt deals and downgrades: Fitch sours Greek bondholder deal -- RT
Summary Box: Greece debt cut biggest ever -- CBS News
Next Time, Greece May Need New Tactics -- New York Times
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