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Greek bond swap gains momentum as deadline nears

By Associated Press

 |   

  March 08, 2012

Greece saw investors’ participation in a massive debt relief deal rise on Wednesday, bringing the country closer to avoiding a default that would plunge it into financial chaos and re-ignite the European debt crisis. About 24 hours before the deadline for acceptances, investors owning around half of Greece’s privately-held debt had committed publicly to the bond swap, in which they will accept losses to avoid facing even bigger ones in the event of an outright default by Athens.

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