The euro dropped against most of its major peers after Greece said the participation rate in its swap of government debt for new securities will reach 95.7 percent with the activation of so-called collective action clauses. The International Swaps and Derivatives Association said earlier its determinations committee will meet today to consider a “potential credit event� relating to Greece. The yen pared losses and the dollar strengthened against most of its major counterparts amid concern over credit-default swaps protecting Greek debt from nonpayment. “It appears that the participation rate is triggering collective-action clauses,� said Junichi Ishikawa, an analyst in Tokyo at IG Markets Securities Ltd. “The market is taking that as a cue to sell the euro.� The 17-nation euro lost 0.3 percent to $1.3238 as of 6:41 a.m. in London from the close in New York yesterday. It slid 0.2 percent to 108.07 yen. The yen dipped 0.1 percent to 81.64 per dollar after earlier declining as much as 0.4 percent. Greek creditors tendered 152 billion euros ($201 billion) of Greek-law bonds, or 85.8 percent, after the government offered to swap their holdings in the biggest restructuring in history. Twenty billion euros of foreign-law bonds were also tendered, according to an emailed statement from the Greek Finance Ministry. Greece aimed to cut its 206 billion euros of eligible debt by about 100 billion euros. To contact the reporters on this story: Monami Yui in Tokyo at myui1@bloomberg.net; Masaki Kondo in Singapore at mkondo3@bloomberg.net To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net

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