Global market sentiment was buoyed by the decision by more than 85% of private-sector holders of Greek sovereign debt to accept a ‘voluntary' restructuring of their securities. This will result in the net present value of private sector bond holdings declining by more than 70% (53.5% from an initial haircut and the remainder in the form of a lowering of coupon payments).
The Greek Ministry of Finance announced the development at around 6am GMT on March 9. Evangelos Venizelos, deputy prime minist
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