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Greece debt swap keeps markets on edge

, March 7, 2012, 0 Comments

Frankfurt, March 07, 2012 : Ahead of a Thursday deadline for private investors to voluntarily offer Greek bonds in a debt swap that will cut the value of their holdings by more than half created nervousness among market participant as painful consequences may play out if Greece succumbs to hard default. The Institute for International Finance (IIF), which helped negotiate the terms of the bond swap, reportedly warned in a recent memo that a so-called hard default by Greece could cause at least 1 trillion euros in damage to the euro-zone economy.