Greece to secure debt swap deal, says official

If Greece wants to secure vital new bailout funds it has to get agreement on a debt swap deal

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

A Greek official told the BBC that more than 80% of bondholders had agreed to the plan, above the threshold required for Athens to be able to push through the deal.

Greece needs to carry out the debt swap before it gets a second bailout.

A formal announcement on the take-up of the swap will be made on Friday.

This is due to appear on the Greek government's bonds website at 06:00 GMT.

http://www.bbc.co.uk/news/business-17294865