Greece has appointed BNP Paribas, Deutsche Bank and HSBC Holdings to manage its voluntary bond exchange and debt buyback plan, Bloomberg reports. The banks will provide financing to the country as part of European Union’s (EU) strategy to eliminate the sovereign debt crisis.
From now until 2014, the EU and the International Monetary Fund will grant €109 billion, while private investors will provide €54 billion by bond exchanges and buybacks. Cleary Gottlieb Steen & Hamilton is serving as the international legal adviser and Lazard as financial adviser for the deal.
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