Greece extends deadline for final bond swap


Salon Staff
April 5, 2012 12:36PM (UTC)

ATHENS, Greece (AP) — Greece has extended to April 20 the deadline for a last batch of international private investors who own some €8 billion ($10.5 billion) worth of its bonds to join in a massive swap deal and accept a deep cut in the value of their holdings.

If exchanged, the swaps will complete the biggest debt writedown in history, forgiving crisis-hit Greece just over half its €205 billion ($271.5 billion) debt held by banks, pension funds and other private investors.

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The final collection of bonds are regulated under foreign law and their owners had either earlier rejected the deal or postponed a decision in the hope of a better deal.

A finance ministry statement Thursday said that on April 11 Greece will complete the exchange for another €20.3 billion ($26.7 billion) worth of foreign law bonds

Last month, Athens swapped bonds worth €177 billion ($232 billion) issued under Greek law.


Salon Staff

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