ECONOMY

Greek bonds get initial value of 21.75 pct in swaps auction

Sellers of credit-default swaps on Greece may have to pay 78.25 cents on the euro to settle contracts triggered by the nation?s debt restructuring.

Dealers set an initial value of 21.75 percent at an auction for Greek bonds Monday, according to administrators Markit Group Ltd. and Creditex Group Inc., in line with where the notes have been trading. The auction is being held under the rules of the International Swaps