Bank lobby group IIF welcomes Greek debt swap

Reuters News
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Posted: Mar 09, 2012 6:39 AM
Bank lobby group IIF welcomes Greek debt swap

ATHENS (Reuters) - The Institute of International Finance (IIF), the bank lobby that negotiated Greece's debt swap on behalf of the debt-laden country's private creditors, on Friday welcomed the results of the exchange.

"We welcome the results of the voluntary debt exchange by Greece, announced this morning by the Greek authorities," the chief negotiators for the IIF said in a statement.

"The debt exchange results, and the associated unprecedented upfront nominal reduction in the privately-held Greek debt, will catalyze the front financial official sector support for Greece's new three-year reform program," it added.

(Reporting by Harry Papachristou)