Greece said in a statement that 85.8 percent of its private bond holders voluntarily signed up to take part in the deal, clearing the way for the troubled euro member to secure international funds to avert a disorderly default. The participation will stand at 95.7 percent due to activation of the collective participation clauses.
The Finance Ministry said of the 177 billion euros of bonds issued, which are governed by Greek law, the Republic has received tenders for exchange and consents for holders of approximately 152 billion euros face amount of bonds. Holders of 172 billion euros worth of bonds in total have consented to bond offer.
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