The international rating agency Moody's is relentless and, as it stated, considers that Greece has gone bankrupt as a result of the bond exchange amounting to 177 billion euros. The house, in its announcement, states that it is waiting in the coming weeks for similar offers for the bonds under foreign law, as well as for the debt holders of state-owned companies with a public guarantee…
Moody's points out that 85,8% of debt holders under Greek law have agreed to the exchange, with the majority of the remaining shareholders to follow after the activation of the CACs.
The terms of the exchange include a loss for investors of at least 70% of the net present value of the existing debt. According to Moody's definitions, this exchange is "mandatory" and therefore a bankruptcy.
Moody's downgraded Greece from C to Ca on March 2 following the announcement of bond swap proposals.
Source: KYPE / APE