Another twenty billion Greek government bonds will be traded next week, as part of the swap that has already canceled about a third of Athens' debt.
At the same time, the government extended the deadline for the final phase of the operation (which has already been postponed twice) to April XNUMXth.
The extension of the deadline to the end of the month relates to bond holders who have not yet joined the swap, and will have until 22pm on April XNUMX to make a decision.
The first phase of the swap, involving bonds issued under Greek law, was completed on March 12, eliminating around €95 billion of medium-term debt in exchange for longer-term maturities.
Debt holders received new bonds with a face value equivalent to 31,5% of the original face value, as well as two-year EFSF notes.
Upon completion of the offer, the creditors will also receive separable bonds whose value is linked to Greek GDP with a notional value equal to the face value of the new bonds.
Overall, Greece has a debt burden of more than €350 billion, and has so far received €73 billion under the first EU-IMF bailout package (delivered in 2010), and has implemented a second bailout program for more 148 billion.
