Following the debt swap
deal and a new EU/IMF rescue plan, Greece's debt is expected to fall to below 120% of GDP in 2020 from 160% now.
The debt swap
is expected to reduce Greece's debt burden by more than EUR100bn, and lower debt to 120.
Next week we will be in a position to complete the debt swap
," Finance Minister Evangelos Venizelos said, citing significant progress at Saturday's talks.
National Treasurer Rosalia de Leon earlier said the debt swap
was done to replace illiquid bonds with new ones that are more tradable.
Minister of Planning and International Cooperation Ashraf El-Araby denied reports that the German government cancelled the debt swap
agreement with Egypt, worth e1/4 240m, that was pledged by Germany in 2011.
The debt swap
bill passed the committee stage in parliament on Wednesday as several thousand trade unionists, pensioners and communists marched through central Athens against cuts to wages, pensions and jobs, required by the European Union and International Monetary Fund to trigger the funds.
Private creditors said they had come to the limits of what losses they could concede in a Greek debt swap
, putting the ball in the court of the EU and the IMF in a tense race against the clock to avoid a messy default.
1 million from its participation in the Greek debt swap
ISLAMABAD, September 06, 2010 (Balochistan Times): Italy and Pakistan here on Monday signed the minutes of projects approved under the Pak-Italian Debt Swap
Agreement (PIDSA), totalling to an amount of Rs.
A debt swap
program allows holders of government securities to exchange their maturing bonds with freshly issued paper.
The assembly's finance committee approved the bill on Saturday.
Summary: ATHENS - Greece and its creditors are continuing negotiations on a debt swap
on Saturday after late-night talks edged them closer to a vital deal but failed to clinch an agreement.