- Quite pleased with outcome
- Voluntary nature of exchange remarkable
- Portugal, Ireland would not want painful restructuring
- Greek debt to be cut EUR 100 bln by Monday
- 83.5% of bondholders came into deal voluntarily
- Inserted CACs retroactively was unfortunately; should have been done at issuance
- Must understand underlying credit risk when investing in European sovereign debt
IIF’s Dallara: Debt swap successful
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