Greece Extends Deadline for Final Bond Swap

The Associated Press

ATHENS, Greece (AP) — Greece on Thursday extended to April 20 the deadline for a last batch of private investors who own some €8 billion ($10.5 billion) worth of its bonds to voluntarily join 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.

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.

• Already a subscriber?
  Sign in to read full article.
• Not a subscriber?
  Subscribe now and get full access!

April 05, 2012