Hopes rise for Greece's key debt swap

Hopes rise for Greece's key debt swap

Greek government hopes are rising that the country’s critical debt swap will succeed as an official said participation was already above 75%.

He said the process was going well.

The deadline for private creditors to sign up to the deal was still hours away at 10pm local time (8pm Irish Time).

Athens is asking creditors to swap their Greek bonds for new ones, in an exchange intended to slice about €107bn off Greece’s privately held debt.

The deal is a critical part of the country’s second international bailout.

If the deal fails, Greece faces default in two weeks.

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