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English to Spanish: El canje de la deuda griega pende de un hilo General field: Bus/Financial Detailed field: Business/Commerce (general)
Source text - English Greece faces a decisive week in its struggle to avert a sovereign default, with a planned debt swap poised on a knife-edge amid doubts over the level of participation by private bondholders.
The government’s tender offer has got off to a slow start, with its advisers trying to round up non-institutional bondholders and even Greek investors showing reluctance to sign up quickly, according to insiders.
Private holders of €206bn in Greek bonds have until Thursday evening to decide whether to take part in a swap where they would trade bonds for a package of bonds and cash that would knock about €100bn off Athens’ debts.
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Greece must get 75 per cent of holders to participate to avoid forcing the deal on holdouts through so-called “collective action clauses” which were inserted retroactively into Greek bonds by the government last week. If less than 66 per cent participate, even the CACs would become invalid, scuppering the entire deal.
People close to some bondholders warned other investors to take seriously threats by policymakers that if the deal fails Greece will default on its debt. “Some investors seem to think they will be rescued. That just isn’t the case,” one said.
People involved in the deal denied that there was any nervousness about the outcome but nobody was willing to guess how high the participation rate would be.
Charles Dallara, the head of the international consortium of financial institutions that negotiated the debt restructuring, declined to predict the rate but acknowledged that the complexity of the deal had required some investors to spend time understanding it. He added: “They’re asking a lot of questions.
Translation - Spanish Grecia se enfrenta ante una semana decisiva en la lucha para evitar el impago de la deuda soberana, con una operación de cambio de deuda pendiendo de un hilo y en medio de la incertidumbre sobre el nivel de participación de los acreedores privados.
La oferta pública de compra por parte del Gobierno ha empezado lentamente, los consejeros intentan cercar a los obligacionistas e incluso los inversores se presentan reacios a firmar el acuerdo, según informan fuentes internas.
Los inversores privados, con 206.000 millones de euros en bonos griegos, tienen hasta el jueves para decidir si participarán o no en la operación de cambio donde se los bonos se canjearán por un paquete de bonos y dinero líquido que podría reducir la deuda griega en unos 100.000 millones de euros.
Grecia debe conseguir la participación del 75% de los obligacionistas para evitar que el acuerdo se vea obligado a demorarse a través de las llamadas “cláusulas de acción colectiva” que el gobierno introdujo con efecto retroactivo la semana pasada en los bonos griegos. Si participa menos del 66%, incluso dichas cláusulas de acción colectiva podrían invalidarse, lo que desbarataría el acuerdo completamente.
Personas allegadas a los obligacionistas advirtieron a otros inversores que deberían tomarse muy en serio a los políticos cuando amenazan con acabar en el impago de la deuda griega si el acuerdo fallase. Uno de ellos explicaba: “Parece que algunos inversores piensan que serán rescatados pero este no es el caso”. Aquellos en la mesa de negociaciones del acuerdo negaban que hubiese nerviosismo sobre el resultado pero nadie estaba dispuesto a predecir cuál será el nivel de participación.
El jefe del consorcio internacional de instituciones financieras, Charles Dallara, quien negoció la restructuración de la deuda, declinó predecir el índice de participación pero reconoció que la complejidad del acuerdo requerirá algo de tiempo para que los inversores consigan entenderlo y añadió. “Los inversores están formulando muchas preguntas”.
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Years of experience: 17. Registered at ProZ.com: Mar 2012.
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