December 10, 2012 / 6:32 PM / 7 years ago

Euro zone ministers to discuss Greek buy-back on Tuesday

BRUSSELS, Dec 10 (Reuters) - Euro zone finance ministers will discuss the outcome of the Greek bond buy-back in a teleconference late on Tuesday afternoon, the spokesman for the chairman of the ministers said.

Greece offered last week to buy back bonds held by private investors at a deep discount to their nominal value, to reduce its debt pile and make public finances sustainable. The success of the buy-back is a condition for the International Monetary Fund to participate in the revised Greek programme of reforms and emergency financing.

By last Friday, Athens received offers for 26.5 billion euros worth of bonds and on Monday extended the deadline for the buy-back until Tuesday to attract additional offers to be able to buy back a total of around 30 billion euros — roughly half of the bonds still held privately.

Created by Jan Strupczewski; editing by Ron Askew

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