IIF backs financial restructuring for Greece

TEL AVIV (MarketWatch)
The Institute of International Finance, a global association of financial firms, on Saturday backed a recent agreement on a financial restructuring for Greece involving the country, euro-zone authorities and the International Monetary Fund.
The group in particular backed the terms of a voluntary exchange of privately held Greek-government debt
A successful debt swap will help facilitate the new financing for Greece and help the country "carry out necessary reforms to set the basis for economic recovery," the Washington-based IIF said in a statement
 "These are important steps towards resolving the Greek-debt crisis, addressing the overall fiscal and sovereign-debt problems in the euro area, and restoring financial stability," it said
.