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Angelos Tzortzinis/Bloomberg

Welcome back to our continuing coverage of the eurozone crisis. By Esther Bintliff on the world news desk in London, with contributions from FT correspondents around the world. All times GMT.

 

18.45 That’s all from the live blog for tonight, but you can keep up to date with all the latest news and analysis on FT.com. We’ll leave you with a summary of events today:

  • Investors holding 85.8 per cent of Greece’s private debt agreed to participate in the country’s €206bn debt restructuring
  • The Greek cabinet approved the use of collective action clauses (CACs), to force recalcitrant investors who own bonds under Greek law to take part in the swap
  • Once the CACs are activated, participation will rise to 95.7 per cent, the level that Greece’s troika of lenders say is necessary if the country is to cut its debt to 120 per cent of GDP by 2020
  • Eurozone finance ministers held a conference call, in which they agreed to release up to €35.5bn ($47bn) in bailout funds to help fund the debt swap
  • Spanish trade unions voted for industrial action at the end of March
  • And finally, the International Swaps and Derivatives Association began their meeting at 13.00 to discuss whether the debt swap constitutes a credit event, which would trigger credit default swaps. At the time of writing, we still didn’t know the answer.

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Welcome to our live coverage of the eurozone crisis.

By Tom Burgis and Esther Bintliff on the news desk in London, with contributions from FT correspondents around the world.

All times are GMT. This post should update automatically every few minutes, but it may take longer on mobile devices.


19.15: That’s it for the liveblog for today. Follow FT.com through the evening for analysis of the day’s developments and more news of the deal as we get it. A few top stories from today to keep you going in the meantime:

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Photo: Getty

Welcome back to our continuing coverage of the eurozone crisis.

By Esther Bintliff and John Aglionby in London and Anjli Raval in New York, with contributions from correspondents around the world. All times GMT.

It was decision day on the Greek bail-out. After so many twists to this saga here is a round-up of what came out of the meeting of eurozone finance ministers after more than 13 hours of talks, courtesy of Peter Spiegel and Alex Barker of the FT’s Brussels bureau.

  • A long-delayed €130bn second bail-out for Greece was agreed on.
  • Further “haircuts” were pushed for after a confidential debt analysis showed that the previously-negotiated deal would cost €136bn and would only lower Greek debt to 129 per cent, rather than 120 per cent, of economic output by 2020.
  • Although Greek bondholders agreed in October to accept a 50 per cent cut in the face value of their bonds, they will now be offered a “voluntary” deal with a haircut of 53.5 per cent.
  • That will get Greek debt levels to 120.5 per cent by 2020, close to the IMF’s goal for long-term debt sustainability.
  • The euro rose 0.8 per cent to 1.3257 on the news, before falling back to 1.3263 at 4.20 GMT.

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