Swap deadline looms for Greek foreign law bonds

(AP) ATHENS, Greece - Investors holding Greek government bonds issued under foreign law face a Wednesday night deadline to decide whether to agree to swap them with new securities worth less than half their original value.

The government has already extended the deadline twice. The swap for private holders of bonds issued under Greek law was carried out last month. The exchange will complete the biggest debt writedown in history, relieving the crisis-hit country of just over half its 205 billion euro ($271.5 billion) pile of debt held by banks, pension funds and other private investors.

The deal is intended to secure Greece's long-term debt sustainability, bringing the amount owed to its creditors around 120 percent of gross domestic product by 2020, from nearly 170 percent now.