Greek FINMIN Extends Time Of Offer to Reach 90% Participation - Though Assumes Success

Imerisia reports that the Greeks are assuming success it seems as the current 82% participation will likely rise to 90% once mutual and pension funds are included after the deadline extension. The Greek 2Y jumped from EUR69.5 to over EUR72.5 before dropping back to the middle of that range.

Via Google Translate:

They achieved the goal of the government had put in 90% of voluntary participation in the exchange program of the Greek government bond (PSI), say sources in the 'H', noting that so far only from banks (excluding funds, mutual, etc.) has exceeded 82%.

The Finance Minister has given a time extension until mid-October in order to achieve the 90% participation in the program. Recalled that the Finance Minister Evangelos Venizelos sent a letter to counterparts in 57 foreign countries in which individuals possess Greek bonds and expects the response of individuals.

Yesterday, the results of the first half of the state banks-ATEbank and TT-included and participation in the program PSI, closing the cycle of Greek banks participating in the program.

In particular, the impairment ATEbank funds totaling 836.4 million for its participation in the exchange program bonds, while the TT got estimates for the same purpose, amounting to 451.77 million.

Total provisions relating to PSI, the Greek and Cypriot banks operating in the Greek market was 5.35 billion euros, of which 4.63 billion is earmarked for the National Bank, Alpha Bank, the Eurobank, the Bank Piraeus, the ATEbank and Postal Savings Bank.