Statement by the co-chairs of the Steering Committee of the Private Creditor/Investor Committee for Greece

10 April 2012

Co-chairmen Jean Lemierre, Senior Advisor at BNP Paribas, and Charles Dallara, Managing Director of the Institute of International Finance, welcomed the continued progress that Greece is making in finalising the restructuring agreement reached with private holders of their debt.

The overall participation rate is now above 96 per cent, according to the Greek Government.

The very high level of participation, including the large majority of investors voluntarily tendering their holdings in the debt exchange, reflects the view of many investors that the terms and conditions of the exchange represent a much better outcome than the possible alternatives, given the unique circumstances that Greece faces. Full participation in the exchange by all private holders would greatly assist Greece in focusing on implementing the necessary reforms. This would help rebuild confidence and stability in financial markets, to the benefit of all, and facilitate the process of restoring Greece’s creditworthiness.

Press release

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