Greece extends bond buyback deadline for a day

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Associated Press

Posted on December 10, 2012 at 5:02 AM

ATHENS, Greece (AP) — Greece has extended the deadline for banks, funds and investors who own its government bonds to declare whether they will sell their holdings back.

The public debt management agency says bondholders now have until 1200 GMT (7 a.m. EST) on Tuesday to make up their minds.

The program aims to chip away at the crisis-hit country's debt load and ensure it continues to get its international bailout loans. The original deadline expired on Friday, with Greece's largest banks saying they would participate.

The government has said it will spend about €10 billion ($13 billion) in European funds on the buyback, offering between 30 and 40 percent of the bonds' face value.

Greece has depended on international rescue loans since 2010, adopting harsh austerity measures to secure the funds.

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