According to the agreement, private investors will forgive 53.5 percent of Greek debt they hold 鈥� , according to The Wall Street Journal. This is more than the 50 percent over which private investors previously haggled.
The agreement requires a sign-off by private investors, represented by the Institute of International Finance (IIF). The IIF director told CNN that he in the write-off among the organization鈥檚 members, but that the decision is up to each individual investor. According to the IIF, the agreement is 鈥渢he largest sovereign debt restructuring in history.鈥�
CNN reports that the restructuring will result in significant losses for private investors, making it unlikely the 95 percent participation goal will be achieved. If too many investors reject the deal, its terms will need to be renegotiated, holding up the implementation of the bailout and making a default in March 鈥� when Greek debt comes due 鈥� once again a possibility.
According to the Associated Press, for the deal to be viable.
