NICOSIA, Cyprus , A Cyprus banking official says the island's three biggest banks are signing up to Greece's debt swap deal.
Cypriot banks hold €4.7 billion ($6.17 billion) in Greek government bonds, and almost the entire amount is held by the biggest three: Marfin Popular Bank, Hellenic Bank and Bank of Cyprus.
The Cyprus banking official said the three would issue a statement later Wednesday, and spoke on condition of anonymity pending the announcement. Earlier, the banking group leading the debt relief talks included Marfin in a list of investors who have agreed to participate.
The debt swap will see investors lose some 75 percent of the total value of their bonds.
A successful debt relief deal is key to Greece receiving a €130 billion bailout and avoid bankruptcy.
Investors have until Thursday night to sign up to the deal.
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Cypriot banks hold €4.7 billion ($6.17 billion) in Greek government bonds, and almost the entire amount is held by the biggest three: Marfin Popular Bank, Hellenic Bank and Bank of Cyprus.
The Cyprus banking official said the three would issue a statement later Wednesday, and spoke on condition of anonymity pending the announcement. Earlier, the banking group leading the debt relief talks included Marfin in a list of investors who have agreed to participate.
The debt swap will see investors lose some 75 percent of the total value of their bonds.
A successful debt relief deal is key to Greece receiving a €130 billion bailout and avoid bankruptcy.
Investors have until Thursday night to sign up to the deal.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
