Debt-swap participation rate below state?s target

Athens does not plan to reveal any details of the expected participation of private sector bondholders in its debt swap program, the head of the Public Debt Management Agency, Petros Christodoulou, suggested on Friday, although estimates put it at just 70-75 percent against a target of 90 percent.

Friday was the deadline for bondholders to inform their governments (in a nonbinding fashion) whether they would participate in the Private Sector Involvement (PSI) program.

Reports about a moderate take-up of the PSI program, as well as the resignation of European Central Bank executive board member Juergen Stark wiped out earlier gains on the Greek bourse on Friday, with the Athens Exchange (ATHEX) general index declining by 0.04 points to 886.73, from Thursday?s 886.77 points.

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