Greece extends buyback offer to meet debt target

Greece extended until midday today its offer to buy back debt, seeking more bids from bondholders after falling just short of a target to retire bonds worth €30bn at a cost of just €10bn.

The buyback is designed to provide for about half of a €40bn debt relief package for Athens agreed last month by the EU and IMF.

Its success is crucial to ensuring Greece’s debt is put back on sustainable footing and — more immediately — to unlocking badly needed aid for the country.