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Why a Greek Debt Deal Won’t End the Greek Saga
CNBC.com | March 08, 2012 | 09:22 AM EST

For months, the situation in Greece has dominated European markets for days on end as a new deadline approaches.

The latest is Thursday evening’s deadline for enough of the troubled country’s private sector creditors to accept the bond swap offer that’s a key part of its latest bailout.

Those private sector creditors have until 3 p.m. New York time (8 p.m. GMT) on Thursday to decide whether to accept the deal. The Greek government is expected to announce the full tally on how many creditors accepted the offer at 1 a.m. New York time Friday (6 a.m. GMT).

If the deal is passed, a temporary sigh of relief is likely from markets – but Greece will not move far from the markets’ agenda.

The next big date will be the Greek elections , expected in early May, according to Thanos Vamvakidis, head of European G10 currency strategy, BofA Merrill Lynch Global Research.

Even if a private-sector debt deal is passed, “the market will get very concerned about the Greek elections,” he told CNBC Thursday.

Latest polls – described by Vamvakidis as “scary” – suggest that the two main political parties, left-wing Pasok, which won the last election, and conservative New Democracy, currently command less than 40 percent of the vote between them.

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