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
"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
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
"This is an important step that will dramatically reduce
Greece's medium-term financing needs and contribute to debt
sustainability," Lagarde said.