Deals of the Year 2012: Greece
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Deals of the Year 2012: Greece

Size €206 billion private sector involvement debt exchange
Date February 2012
Lead dealer managers/closing agents Deutsche Bank, HSBC
Financial adviser to Greece Lazard
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Greece’s epic €206 billion private-sector debt restructuring last year was of importance not only for the average man or woman on Athens’s ancient streets, but also for the country at large, the eurozone and the entire global financial system.

For if the restructuring had failed, the consequences for all four would not bear thinking about: a modern tragedy on a monumental scale would have played out.

Thankfully, the restructuring in March was a remarkable success, allowing the Greek government to be forgiven €107 billion – 53.5% in nominal terms – of its total private-sector debt.

It was a result that has helped restore some form of financial health and stability to Greece, while at the same time suppressing acute fears over a Grexit and indeed the eurozone’s survival in its current form.

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