Greece is planning to launch a public offer for a massive bond swap designed to knock €107 billion ($142 billion) off its debt held by banks and other private investors.
The formal announcement is expected after a Cabinet meeting later Friday, which will also discuss implementation of the debt-crippled country's new austerity program.
Greece's Parliament on Thursday approved an emergency law on the debt writedown, decided by the 17-member eurozone this week together with a new €130 billion ($173 billion) Greek bailout.
Without either deal, the country would default on its debts next month and would likely be forced to abandon the euro currency.
Read more: http://abcnews.go.com/International/wireStory/greece-launch-formal-offer-debt-writedown-15781347#.T0d5RszwM7A
The formal announcement is expected after a Cabinet meeting later Friday, which will also discuss implementation of the debt-crippled country's new austerity program.
Without either deal, the country would default on its debts next month and would likely be forced to abandon the euro currency.
Read more: http://abcnews.go.com/International/wireStory/greece-launch-formal-offer-debt-writedown-15781347#.T0d5RszwM7A
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