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You're reading: Greece in tough talks on bond swap
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The private debt deal is a key part of Greece’s second international bailout, worth a total €130 billion ($166 billion), without which the country could suffer a catastrophic bankruptcy that would send shockwaves through the global economy.

The bailout tops a €110 billion program agreed in May 2010 to keep the country solvent after its borrowing costs soared to untenable heights.

Prime Minister Lucas Papademos and Finance Minister Evangelos Venizelos were meeting Charles Dallara and Jean Lemierre of global banking body the Institute of International Finance to discuss the deal, a day after finance ministry officials from the eurozone met in Brussels.

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