Greece swaps bonds worth $232.5 billion
A file photo of Greece's Finance Minister Evangelos Venizelos at a news conference in Athens. (March 9, 2012) Credit: AP
The Greek Finance Ministry says it has lightened the country's crushing debt load by completing a swap of bonds worth €177.2 billion ($232.5 billion).
A ministry statement says Monday's exchange affects all Greek government bonds governed by domestic law, which were replaced by new ones worth less than half their original value.
Greece's second international bailout is expected to be finalized this week by finance ministers from the 17 eurozone nations.
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