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Greek debt swap could be short-lived reprieve
Greece's deep recession and unpredictable elections threaten to turn the biggest debt restructuring in history into yet another short-lived reprieve, although the existential threat posed to the euro zone is not what it was. Last week's deal, under which private creditors agreed to lose most of their investments in Greek government bonds, should allow euro zone finance ministers meeting on Monday to declare they will pay their part of a 130 billion euros ($170 billion) bailout, Greece's second in two years. The International Monetary Fund will finalize its contribution later in the week. The private sector debt swap ... (full story)
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