9 Mar 2012

Greece secures debt swap deal

8:34 pm on 9 March 2012

The Greek government says that it has secured sufficient backing for a debt swap deal that will enable it to avoid defaulting on its debts.

The Ministry of Finance said that 85.8% of private bond holders had agreed to the plan.

Greece needed to get 75% agreement to be able to push through the deal.

It needs the debt swap so it can get access to a second bailout from the European Union, European Central Bank and International Monetary Fund.