More investors sign up for Greek debt relief

[March 08, 2012]  BRUSSELS (AP) -- The banking group that has been leading the talks for a massive debt relief deal for Greece says investors owning euro81 billion ($106 billion) in Greek bonds have so far agreed to participate.

The Institute of International Finance said Wednesday that these investors own 39.3 percent of the euro206 billion ($271 billion) in Greek debt in private hands.

The 30 investors named by the IIF include 12 institutions that already signed up earlier this week.

The new participants bring Greece closer to the 66.7 percent voluntary participation rate Athens needs to force the deal onto holdouts.

The debt swap will see investors lose some 75 percent of the total value of their bonds.

A successful debt relief deal is key to Greece receiving a euro130 billion bailout and avoid bankruptcy.

Investors have until Thursday night to sign up to the deal.

[Associated Press]

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