ECONOMY

Debt swap launch on March 8, says Greek government

Greece’s cabinet agreed on Saturday to launch a debt swap for private creditors on March 8 with the aim of completing it by March 11, a government official said.

The swap is to accompany a 130-billion-euro rescue package that Athens hopes to agree with its euro zone partners on Monday and will mean that creditors take a 70 percent cut in the real value of their holdings.

[Reuters]