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Greece debt swap deadline looms
A leading European Union official has urged private holders of Greek bonds to sign up to a vital debt swap deal ahead of a deadline later on Thursday.
Greece needs at least 75% of bondholders to agree to take a 53.5% cut in the value of their holdings
Economic and Monetary Affairs Commissioner Olli Rehn said there would be no better offer, and the deal was vital for eurozone financial stability.
Greece needs at least 75% of bondholders to agree to take a 53.5% cut in the value of their holdings.
Greece needs the deal if it is to receive a second bailout.
The package from the European Union and International Monetary Fund would be worth €130bn.
Private investors have until 2000 GMT on Thursday to agree to the debt swap on the €206bn of Greek bonds they hold.
On Wednesday, the Institute of International Finance said that just under 40% of private holders of the outstanding Greek debt had agreed to it.
Bondholders are also being asked to accept a lower interest rate and give Greece more time to repay them.
Late on Tuesday, Greece's finance ministry said that six of the country's largest banks would accept the deal.
