Creditors Face Deadline In Greek Bond Swap
by: Joanna Kakissis, NPR, March 8, 2012 3:03:00 am
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The bond swap that will cut Greek debt by at least 50 percent is set to be the largest sovereign debt restructuring in history. Private creditors will take up to a 70 percent loss on their bonds, which is why some of them are balking at the offer. But because many of the creditors are also pension funds, the loss will also trickle down to Greek retirees.
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