Business

Greece launches $13 billion bond buyback plan

By Elena Becatoros
Published December 3, 2012 1:31pm ET
Add Washington Examiner on Google
Greece launches $13 billion bond buyback plan
Disabled protesters line up prosthetic limbs outside Greece's parliament in Athens, Monday, Dec. 3, 2012. The protest was part of European demonstrations to mark International Day for People with Disabilities on Monday. Greek campaigners say recent austerity cuts have left many disabled Greeks struggling to receive proper care and state support. (AP Photo/Thanassis Stavrakis) | Thanassis Stavrakis

ATHENS, Greece (AP) — Greece revealed Monday plans to spend up to €10 billion ($13 billion) in a bond buyback program that it hopes will help stabilize its mountainous debt.

The buyback is part of efforts to reform Greece’s moribund economy and reduce its debt to sustainable levels, and is among steps the country is taking to secure the disbursement of vital international rescue loans.

Already a print subscriber? Click here to login/register your account

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.