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
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