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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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.