PSI participation at 96.6 pct

The swap process for Greek state bonds under foreign law that were included in the private sector involvement (PSI) scheme, concerning government paper originally worth 20.2 billion euros, was completed on Wednesday.

Greece is still waiting for a response from the holders of another 6.4 billion euros? worth of bonds, who have an April 20 deadline to do so by.

The Institute of International Finance put more pressure on the holdouts on Wednesday through a statement saying that ?the full participation in the swap of all private bondholders would assist Greece to a great extent in the implementation of the necessary reforms. It would also help restore confidence in financial markets to everyone?s benefit, and facilitate the process for the restoration of Greece?s credit rating.?

According to sources, after yesterday?s completion of the debt swap, the involvement of private bondholders in the process has climbed to 96.6 percent. Despite the particularly high rate, the IIF is aiming at a 100 percent participation level.