SocGen Joins UniCredit Taking Part in Greece’s Debt Swap
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Societe Generale SA, France’s second-biggest bank, Assicurazioni Generali SpA and UniCredit SpA joined firms saying they would participate in Greece’s debt swap as the country threatened to compel holdouts to take part.
Greece’s six largest banks also plan to accept the offer, the Finance Ministry said late yesterday. Those lenders held about 42 billion euros ($55 billion) of bonds eligible for the swap at the end of September, company reports show, making them crucial to the exchange. Greek pension funds with about 17 billion euros of debt will also join, Finance Minister Evangelos Venizelos said on Real FM Radio today.