07.03.2012
By Simon Miller
Markets have eased from a mass sell-off yesterday following hints that Greece will enforce its debt restructure on all creditors.
Stock exchanges across Europe shed more than 3% after the Greek Debt Management Agency said if the majority of debt holders voted for the deal, it would impose the the €206bn restructuring on bondholders who do not vote for it by the 8pm GMT deadline on Thursday.
Stock exchanges across Europe shed more than 3% after the Greek Debt Management Agency said if the majority of debt holders voted for the deal, it would impose the the €206bn restructuring on bondholders who do not vote for it by the 8pm GMT deadline on Thursday.
Markets took this to mean that Greece could trigger Collective Action Clauses which rating agencies said would constitute a default - the first in the eurozone.
The Ftse 100 has gained 15.53 points at 5,781.33 while the CAC 40 is up 25.90 at 3,388.46 and the Euro Stoxx 50 is up 10.14 at 2,453.66 (10.25 GMT).
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