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Johannesburg - Christine Lagarde, International
Monetary Fund (IMF) MD, has thanked the private sector for its "cooperation"
through participating in the debt exchange offer by the Greek
authorities.
"This support by the private sector is a key component of the contribution by all parties to put Greece's economy on a path of growth and financial stability," she said.
Dow Jones Newswires reported that Greece's government announced on Friday that it had received a strong response to its proposed €206bn debt restructuring, but warned it would invoke new legal powers to command almost universal participation in its debt-swap plan.
In a statement, the finance ministry said the average 83.5% participation rate on a total of €206bn in Greek bonds would be lifted to 95.7% once the so-called collective-action clauses are activated.
"This is an important step that will dramatically reduce Greece's medium-term financing needs and contribute to debt sustainability," Lagarde said.
"This support by the private sector is a key component of the contribution by all parties to put Greece's economy on a path of growth and financial stability," she said.
Dow Jones Newswires reported that Greece's government announced on Friday that it had received a strong response to its proposed €206bn debt restructuring, but warned it would invoke new legal powers to command almost universal participation in its debt-swap plan.
In a statement, the finance ministry said the average 83.5% participation rate on a total of €206bn in Greek bonds would be lifted to 95.7% once the so-called collective-action clauses are activated.
"This is an important step that will dramatically reduce Greece's medium-term financing needs and contribute to debt sustainability," Lagarde said.
