Greek parliament to vote on law to enforce losses

ATHENS: The Greek parliament will vote on a law to impose bond swap losses on investors as part of an international bailout on Thursday, a source within the Greek finance ministry said.

Private sector holders of Greek debt will take losses of 53.5 percent on the nominal value of their bonds under a deal hammered out by euro zone finance ministers early on Tuesday.

Collective Action Clauses (CACs) would impose the losses on any investors that do not take part voluntarily. A law on the CACs will be submitted to parliament on Tuesday and voted on by Thursday, the source said.