Greece meet bailout conditions

Greece's credit rating has been downgraded by the rating agency Fitch to "Restricted Default" after 85% of private investors holding Greek bonds agreed to a cut in their value. It means conditions are now in place for it to receive a £110bn bailout.

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IMF chief welcomes Greek bond deal

I welcome the cooperation of the private sector in participating in the debt exchange offer by the Greek authorities. This is an important step that will dramatically reduce Greece’s medium-term financing needs and contribute to debt sustainability.

– Christine Lagarde, Managing Director of the International Monetary Fund

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Market relief, but little movement

Markets have reacted positively to the debt deal reached by Greece. Credit: Press Association

Greece's successful bond swap was met with relief today but there was little movement in the FTSE 100 Index after strong gains a day earlier.

85.8% of private investors holding Greek bonds signed up to the deal, meaning the the country should be able to receive a second tranche of bail-out funds from the European Union, the European Central Bank, and the International Monetary Fund.

Debt swap deal "extremely successful"

Greek Finance Minister Evangelos Venizelos has welcomed the bond swap offer accepted by 85.8% of creditors. Credit: REUTERS

Greek finance minister Evangelos Venizelos has hailed the debt swap deal as "extremely" successful.

The deal has averted the immediate risk of the country default by Athens. Speaking to his parliament this morning he said:

"The debt swap had an extremely high degree of success."

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