Euro zone ministers want to try Greek debt buy-back at 35 cents a euro: source
BRUSSELS (Reuters) - Euro zone finance ministers have agreed to launch a voluntary buyback of Greek debt and will offer private investors 35 cents for each euro of Greek bonds they hold, a source familiar with the discussions of the ministers said.
The debt buyback is one of a series of measures euro zone finance ministers have agreed with the IMF to try to reduce Greek debt to around 124 percent of GDP by 2020, from a forecast 190 percent next year.
It remains unclear how the buyback would be financed, but one proposal is to lend Greece around 10 billion euros from the euro zone's rescue fund, which would allow it to buy around 30 billion euros worth of debt, cutting its outstanding obligations by around 20 billion euros.
(Reporting by euro zone bureaux)