IIF: 60-70 pct of Greek bondholders agree to offer

LONDON Thu Aug 25, 2011 3:30pm EDT

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LONDON Aug 25 (Reuters) - About two-thirds of Greece's private sector creditors have signalled they will participate in the rescue plan to help the stricken country, the bank lobby group involved in the offer said.

A spokesman for the Institute of International Finance said 60 percent to 70 percent of investors have expressed an intention to participate ahead of the formal offer being made by the Greek government. "We expect that to build once concrete proposals are made," he added.

Greece is aiming to get 90 percent participation in the private sector initiative to agree to take a 21 percent haircut under a voluntary debt exchange for about 150 billion euros of Greek government debt. But a delay in the offer and a row among some euro zone countries about the deal has raised fears take-up could fall short of target.

(Reporting by Steve Slater; Editing by Phil Berlowitz)

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