January 31, 2012 / 6:14 PM / 7 years ago

Greece says investor losses from debt swap may top 70 percent

Greece's Finance Minister Evangelos Venizelos addresses reporters during a briefing in Athens January 31, 2012. REUTERS/Yiorgos Karahalis

ATHENS (Reuters) - Greece’s private sector creditors could take a loss of more than 70 percent in a planned debt swap, Finance Minister Evangelos Venizelos said on Tuesday.

“There is a very serious discussion based on new facts. We are talking about a PSI much greater than the original,” he told lawmakers, referring to private sector involvement in the deal.

“We are talking about a haircut on the net present value exceeding 70 percent,” he said.

Reporting by Lefteris Papadimas; Writing by Ingrid Melander; Editing by Ruth Pitchford

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