ATHENS (Reuters) - Procedures for a voluntary swap of privately-held Greek government bonds for longer maturity paper will start in August, Greece's deputy finance minister said on Tuesday.
Greece's private sector creditors will take a 21 percent loss on their bond holdings as part of a 37 billion euro contribution to a rescue plan for the debt-stricken country, agreed at a euro zone summit last week.
"In the coming days, in collaboration with (bank lobby) IIF, talks outlining the exact procedure that will be followed so that holders of Greek government bonds choose one of four options and proceed to a debt swap will be completed," Deputy Finance Minister Filippos Sachinidis told Mega TV.
via news.yahoo.com
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