ATHENS, Greece (AP) — Greece will buy back €31.9 billion ($41.5 billion) of its bonds from private investors at a third of their nominal price, the debt management agency said Wednesday, lightening its crushing debt load and meeting a key condition to receive vital rescue loans.
Athens has depended on international rescue loans for the past two and a half years, after it admitted its budget deficit was more than three times the initial forecast and swiftly lost access global bond markets.
In exchange for the funds, the government repeatedly slashed incomes and raised taxes to tame the deficit, creating widespread public resentment.
Athens has depended on international rescue loans for the past two and a half years, after it admitted its budget deficit was more than three times the initial forecast and swiftly lost access global bond markets.
In exchange for the funds, the government repeatedly slashed incomes and raised taxes to tame the deficit, creating widespread public resentment.
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