Greece agrees vital debt swap

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Greece has given the go ahead to push through one of the largest restructures of government debt in history.

It has received enough backing from international debt holders to swap its debt.

The vote was enough to force unwilling investors to agree to the deal. Those who hold 85.5% of debt subject to Greek law and 69% of international debt holders agreed to the swap, according to the Greek Ministry of Finance.

The European Union and International Monetary Fund said that if a debt swap was not agreed then Greece will not get its latest bailout of €130 billion euros.

The deal involves €172 billion worth of debt with investors taking a loss of 74%. Whilst investors lose out, the country claws back a minimal level of stability within the Eurozone.

Greece has extended the deadline for bondholders, which are not subjected to Greek law, to sign up until 23rd March.

Speaking to the BBC Finance Minister Evangelos Venizelos said: “On behalf of the republic, I wish to express my appreciation to all of our creditors who have supported our ambitious programme of reform and adjustment and who have shared the sacrifices of the Greek people in this historic endeavor.”

"Greece will continue implementing the measures needed to achieve the fiscal adjustments and structural reforms to which it has committed, and that will return Greece to a path of sustainable growth."

Transferring money to Greece

If you are looking to invest in Greece, think carefully about how you plan to transfer money to Greece. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Greece – which you will inevitably have to do if you are looking to make a property investment – be sure to compare the market before you buy your overseas currency.

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