Greece ups ante with debt plan | business | Hindustan Times
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Greece ups ante with debt plan

business Updated: Aug 26, 2011 22:46 IST

Reuters
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Greece warned on Friday it may opt out of a debt swap crucial to its second international bailout if too few investors rally behind it, raising the ante on the stricken country’s €150-billion ($215 billion) lifeline.

The swap to shave €37 billion off its existing debt is now conditional on 90% of private sector investors agreeing to the deal, the country said in its formal letter of inquiry to other governments.

Greece had previously set the threshold — which applies to the holders of Greek bonds maturing by both 2014 and by 2020 —as a target, not a condition.

"If these thresholds are not met, Greece shall not proceed with any portion of the transaction," the letter said.