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New Greek bond-swap bill passed

Published 24/02/2012

The Greek Parliament has approved a massive bond swap that will wipe €107bn (£90bn) off the country's privately held debt.

The emergency bill was passed by a show of hands in an almost empty House as the two main parties that back Prime Minister Lucas Papademos' governing coalition stated their support for the swap deal.

Greece is now expected to launch a formal offering to private bondholders today. They will have 10 days to respond on whether or not they will take part in the exchange.

The writedown to be imposed on private holders of Greek government bonds was agreed upon this week by finance ministers from the 17-member eurozone.

Greece has been surviving since May 2010 on a first batch of international rescue loans as it became unable to finance its huge debt load.

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