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Greece bailout: MPs approve debt swap deal
The Greek parliament has passed a law that allows a debt write-down with private creditors, which is a key plank of its EU/IMF bailout agreement. Banks and other private creditors will be asked to take a 53.5% loss on their bonds, wiping out 107bn euros (£90bn;$142bn) of Greek debt. Now that the debt swap has been approved, MPs will also be asked to back further austerity measures. They are required before Greece receives its second big EU/IMF loan. Earlier this week, eurozone countries agreed to the 130bn euro loan in order to bring Greece's debt down from 160% of GDP to 120.5% of GDP by 2020. Without a ... (full story)