There is always a price for promises you don't keep!
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Greece launches bond buyback offer, tops expectations
Greece said it would spend 10 billion euros to buy back bonds in a bid to reduce its ballooning debt and unfreeze long-delayed aid, setting a price range above market expectations to ensure sufficient investor interest. The bond buyback is central to the efforts of Greece's foreign lenders to put the near-bankrupt country's debt back on a sustainable footing, and its success is essential to unlocking funding Athens needs to avoid running out of cash. There have been questions about whether it will tempt enough bondholders to cut Greek debt by a net 20 billion euros, the target set by euro zone finance ministers and ... (full story)