Greece says completes swap of Greek-law bonds

ATHENS Mon Mar 12, 2012 10:33am EDT

ATHENS (Reuters) - Greece said on Monday it completed the exchange of outstanding bonds under Greek law with a face value of 177.25 billion euros as part of a deal with private sectors to cut its mountainous debt burden.

Nearly 86 percent of creditors holding bonds under Greek law tendered their holdings by last week's deadline, allowing Greece to avert imminent default.

Greece activated a law allowing it to enforce losses on any holdouts, ensuring that the entire 177 billion euros of eligible Greek-law bonds were swapped.

(Reporting by George Georgiopoulos)