By Simon Miller

A dozen banks have agreed to partcipate in the Greek debt swap it was announced today (05.03.2012).

Allianz, Alpha Bank, Axa, BNP Paribas, CNP Assurances, Commerzbank, Deutsche Bank, Eurobank EFG, Greylock Capital Management, ING Bank, Intesa San Paolo and National Bank of Greece have agreed to the deal whcih will see them take, in essence, a 75% haircut in their Greek debt holdings.

In a statement the Steering Committee of the Private Creditor-Investor Committee for Greece, which announced the banks' participation, commented: "Each of the following members of the [PCIC] states that it intends to participate in these offers by tendering and, if applicable voting, all securities which are the subject of these offers ("PSI eligible debt") owned by it for its own account or its insurance technical general account."

It added: "Neither the Steering Committee nor any of its members makes any recommendation or offers any advice to any other holder of PSI eligible debt. Each such holder must make their own decision whether or not to participate in those offers based on their own particular interests and on the advice and assistance of their own advisers."

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