Кыргызская фондовая биржа

The parliament of Greece on Thursday has approved the program of re-structuring of a state debt.

The parliament of Greece on Thursday has approved the re-structuring program of a state debt which provides an exchange of existing bonds on  new with write-off of 50% of their face-value. It is expected that Greece will officially direct to private creditors an offer of an exchange of Friday, it will last till March,9th - writes The Wall stree Journal, and will mention papers on 206 billion euro.

On Wednesday rating agency Fitch has lowered long-term ratings of a default of Greece emitter under obligations in foreign and national Currency  at once on two steps from "C" level to "CCC". As marks Fitch, the exchange of bonds, if it is will be made, will be considered as default, and defaul of Greece emitter will  be lowered to level  "the limited default" after exchange.

Re-structuring of Greece state debt will be the largest transaction in the history and will exceed volumes of previous "champion"-a swap of debt notes of Argentina more than three times,  held in 2005, informs data of Bloomberg.

According to the reached arrangements, Greece private creditors will write-off at an exchange of 53.5% nominal price of "old" Greek bonds. Papers belonging to private creditors, in agregate amount of 31.5% of the basic debts of Greece, will be exchanged for 20 tranches of new state bonds with term of repayment from 11 till 30 years. Other debt notes on short-term papers of European stability fund EFSF.

New bonds will be regulated by the English law on what creditors insisted.

Thus the coupon rate under new Greek bonds till 2014 will make 2% annual, in 2015-2020 it will be raised to 3% and further - to 4.3% annual. Real losses of creditors taking into account percentage payment will exceed 70%; according to analyst BNP Paribas of Gui;;aume Tibergina, losses will make 74%

Re-structuring with other measures will allow to reduce a Total: sum of the Greek debt on 107 billion euro that is equivalent approximately to half of gross national product of the country for 2011.

While it is not clear how many creditors will actually approve the coordinated conditions, however the authorities of Greece and European Union rely on almost 100% participation.

The state debt of Greece under the basic sPrice:rio will reach the maximum value - 168% of gross national product in 2013, then its gradual decrease will begin.