ECONOMY

IIF welcomes conclusion of debt swap, looks to reform program

The Institute of International Finance (IIF), the bank lobby that negotiated Greece’s debt swap on behalf of the debt-laden country’s private creditors, on Friday welcomed the results of the exchange.

“We welcome the results of the voluntary debt exchange by Greece, announced this morning by the Greek authorities,» the chief negotiators for the IIF said in a statement.

“The debt exchange results, and the associated unprecedented upfront nominal reduction in the privately-held Greek debt, will catalyze the front financial official sector support for Greece’s new three-year reform programme,» it added.

‘The very strong and positive result provides a major opportunity now for Greece to move ahead with its economic reform program, while strengthening the Euro Area’s ability to create an economic environment of stability and growth,’ said Dr Josef Ackermann, Chairman of the IIF Board of Directors, and Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG

[Kathimerini English Edition