Greece Seals Restructuring Deal To Evade Default, For Now.

The article reports on Greece's bond swap to prevent getting into default. According to Greece's finance ministry, creditors who hold 85.8 percent of the 206 billion euro in bonds eligible for the deal have tendered their holdings. It is expected that the number of bondholders will increase to 95.7 percent with the use of collective action clauses (CAC) that will force participation by holdouts. The bond swap is a condition for the 130 billion euro bailout loan package for Greece.