http://www.euronews.com/ The Greek finance minister has hailed the bond swap deal that has enabled his country to avoid imminent bankrupcty.
The
government says well over 80 percent of private creditors have backed a
plan that leaves the path clear for a new international bailout worth
130 billion euros from the EU, ECB and IMF.
It aims to use the law to force unwilling investors to participate.
In parliament the Finance Minister
Evangelos
Venizelos said it was a historic day for the people and the national
economy. The deal had an extremely high degree of success and exceeded
all expectations, he said.
"The Greek people will understand
that the debt swap deal is the best and most efficient method to solve
the economy's problems."
In order to cut the national debt
drastically, private investors are accepting huge losses in exchange for
new bonds. Greece now looks ready to receive the first batch of bailout
funds.
"It is more than expected and I think it is a
resounding success. It is very important, not
the
transaction 'per se', but the fact that this is the beginning of the
restoration of confidence in the economy," said financial analyst
Michalis Massourakis.
On the streets, some are angry at what they see as one rule for the government, another for ordinary people.
"They
chase people for owing 100 euros to a bank, yet those who owe billions
are exempt? Aren't they ashamed of themselves? I spit on them," said one
man.
"It's good for them. What about for us? Nothing! Everyone's
left to fend for himself. In a while people will be on the streets."
said another.
The unemployment rate - a record 21 per cent in
December - is twice the eurozone average; more than half of young people
are out of work.
Austerity measures ordered by international creditors have fuelled many people's anger.