Greece launches crucial debt swap offer | Bangkok Post: news

Greece on Friday launched an unprecedented bond swap with private creditors to write off nearly a third of its massive debt and unlock a huge new eurozone bailout less than a month before it faces default.

Greek Prime Minister Lucas Papademos arrives for a cabinet meeting at the Greek parliament. His country launched an unprecedented bond swap with private creditors to write off nearly a third of its massive debt and unlock a huge new eurozone bailout less than a month before it faces default.

Holders of Greek bonds were invited to exchange an aggregate value of 206 billion euros ($271 billion) in return for new 30-year maturities, EU-backed notes and Greek output-linked securities.