Bloomberg News

Greek Talks with Creditors on Bond Swap on Track, Official Says

January 12, 2012

Jan. 12 (Bloomberg) -- Greece’s government believes a final outline on a voluntary swap of the country’s debt with private creditors could be reached by the end of next week, a senior official at the Greek Finance Ministry in Athens said today.

The talks are on track, said the official, who declined to be identified. A formal public offer for the swap could be made at the beginning of February, the official said.

The planned deal, hammered out by European Union leaders, Greek officials and the nation’s creditors at an Oct. 26-27 summit, calls for bondholders to accept a 50 percent cut in the face value of their Greek debt, with a goal of reducing Greece’s borrowings to 120 percent of gross domestic product by 2020.

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