Wall Street Journal
March 9, 2012
There was a general sigh of relief across euro-zone debt markets as news emerged Friday that there was a strong uptake to Greece's €206 billion ($273.47 billion) private-sector debt restructuring, but caution prevailed as some questions remained over the deal's implications for Greek credit insurance.
"The outcome was largely expected. There will be a relief that this chapter in the Greek crisis is over and an unmanaged default has been avoided," said Peter Chatwell, an interest rate strategist at Crédit Agricole.
Italian and Spanish bond prices were steady in early trading Friday, while safe-haven German bunds fell slightly as fears of a disorderly default in Greece melted away after the country secured enough commitments from private bondholders to push through a debt restructuring deal, paving the way for a second bailout package from international creditors that could be clinched as soon as Friday afternoon.