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Major banks and pension funds have thrown their weight behind Greece’s bond swap offer to private creditors, making it increasingly likely that the deal will pass and clear the way for a default-preventing bailout package.
Greece needs two-thirds of its creditors to approve the bailout package, which includes 105 billion euros – half of Greece’s GDP. When the two-third threshold is reached, the Collective Actions Clause (CAC) comes into effect, stipulating that the deal be imposed on the remaining creditors.
The market fully expects the CAC to activate, but the percentage of approving creditors matters most, says Petrakis Panagiotis, Associate Professor of Economics at the University of Athens:
“All the markets of the world expect an activation of the CAC, but it will depend on the percent of success. If you have an activation of something like say, below 70% it will be not a very good sign for the markets.”