Greece targets debt swap from March 8 - govt

Reuters News
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Posted: Feb 18, 2012 1:13 PM
Greece targets debt swap from March 8 - govt

ATHENS (Reuters) - Greece's cabinet agreed on Saturday to launch a debt swap for private creditors on March 8 with the aim of completing it by March 11, a government official said.

The swap is to accompany a $130 billion rescue package that Athens hopes to agree with its euro zone partners on Monday and will mean that creditors take a 70 percent cut in the real value of their holdings.

(Reporting by George Georgiopoulis; Writing by Mark John)