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Banks and insurance groups from 57 countries around the world had until yesterday to announce their participation in the exchange program, which is part of the second package of economic aid for Greece. Senior bank officials who wished to remain anonymous, believe that the percentage participation of the private sector amounted to 70%, which is lower than the initial target of 90% participation.

"The progress is satisfactory, the procedure is progressing positively", said a senior official in the French news agency, at the time of the closing of the first date for expressions of interest, without, however, disclosing any further details. The program for the exchange of debt is an important part of the new program of support to Greece amounting to 159 billion euro agreed upon during the summit from July 21^st.

Greek senior official added that the September 9^th deadline applies to banks and funds from the eurozone, and has been extended until early October for the international credit institutions. "Participation is satisfactory among banks from the eurozone, but the procedure continues. We will have a clearer picture at the beginning of October", he said.

From the Austrian banks and insurance groups in the exchange program of the Greek bonds interest in participation have declared Bank Austria, Erste Group, KommunalKredit, UNIQA, Vienna Insurance and Volksbanken.

When the leaders of the eurozone announced at the summit that the new package of economic aid for Greece includes private sector participation, they explained that they had in mind an emergency measure which will not be repeated.