Greece close to debt deal

Greece says it has all but concluded a crucial deal to write off half its privately-held debt.

Finance Minister Evangelos Venizelos told a news conference “We are one step - I would say it is a formality – away from finalising” the debt relief agreement.

It would see private creditors swap their Greek bonds for new ones of a lower value, over a longer repayment period and on a lower interest rate.

Mr Venizelos says Greece is now focusing on completing negotiations by the end of the week on a new program of cutbacks until 2015 – without which Greece’s bailout lifeline will be cut.

He hopes eurozone finance ministers can sign off on the new cuts – and a new bailout – during their meeting next Monday in Brussels.