This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Greece Launches $13 Billion Bond Buyback Plan

The scheme is expected to be of particular interest to investors who bought the bonds on the secondary market at far cheaper prices than their original value â¿¿ over the past few months, some Greek bonds have hit as little as 11 percent of their face value.

Greek officials are to brief eurozone finance ministers on details of the scheme when they meet in Brussels later Monday.

Greece has been dependent since May 2010 on international rescue loans from the IMF and its partners in the euro. The funds have prevented the country going bankrupt and possibly leaving the euro.

In return, Greece has had to take drastic measures to reform its economy, including slashing pensions and salaries, and increasing taxes. But the measures have not had the effect Greece's creditors had hoped, with a worse-than-expected recession now heading into its sixth year and undermining efforts to make the country's debt sustainable.

The Bank of Greece projected that the country's economy would contract by more than 6 percent of gross domestic product this year, and by a further 4-4.5 percent next year. Unemployment, currently at an annual average of just over 23.5 percent, is expected to exceed 26 percent in 2013 and 2014.

"A recession of this intensity and duration is unprecedented in Greece's peacetime history and has taken a heavy toll not only on incomes, but also on potential output and social cohesion," the central bank's report said.

____

Derek Gatopoulos in Athens contributed.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs