Saving the World
Global Finance Deal of the Year, Public Restructuring: Greece's Debt Restructuring
The restructuring was an overwhelming success. Approximately 97 percent of the bonds invited to participate in the PSI transaction were exchanged, wiping out more than €100 billion of debt. Financial catastrophe averted, Greece and its European partners were able to move forward. Unhappily, and still struggling, perhaps, but also still solvent.