NEWS

Deadline for PSI deal passes

A deadline has passed for private investors to participate in a major Greek debt reduction deal, with government officials and world markets appearing confident of high participation.

A senior government official told the Associated Press shortly before the 10 p.m. local time (2000 GMT) Thursday deadline that no extension was being planned. He requested anonymity because the official announcement was supposed to come later from the government.

The landmark agreement is aimed at slashing the country’s national debt by ?107 billion ($140 billion), with private bond holders accepting a face-value loss of 53.5 percent, in exchange for new bonds with more favorable repayment terms.

Initial results of participation in the exchange are due to be announced early Friday.

[The Associated Press]