Greek bond swap deadline extended23/03/2012 - 20:07:06
Greece’s finance ministry has extended to April 4 the deadline for holders of Greek bonds issued under foreign law or by state enterprises to accept to swap them with new securities worth less than half their original value.
Greece has already exchanged its government bonds issued under domestic law, which form the vast majority of the Greek debt held by banks, pension funds and other private investors.
The swap is part of a €105bn writedown intended to bring Greece’s bloated public debt below 120% of gross domestic product by 2020.
Some €28.9bn in bonds have been issued under foreign law or by state enterprises that are guaranteed by the state.
Greek law bonds were initially worth €177bn.
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