ATHENS:Greece sought on Friday to include debt of about 8.1 billion euros ($10.7 billion) in the final phase of a historic bond swap which has already erased nearly a third of its debt mountain.
Holders of Greek debt issued under foreign law have until 2000 GMT to join the so-called Private Sector Involvement (PSI) which was hammered out in February after months of negotiations with global banks and eurozone states.
The first phase of the swap, involving bonds issued under Greek law, was completed on March 12, cancelling more than 94.8 billion euros in near and mid-term debt in return for cash incentives and longer-term maturities.
Out of around 27.2 billion euros' worth of bonds and state utility loans guaranteed byGreeceunder foreign law, holders of 19.2 billion euros opted to join the initiative in the first round of the exchange.
Debt holders received new bonds with a face value equivalent to 31.5 percent of the face amount of the debt exchanged, plus 24-month notes from the European Financial Stability Facility, the eurozone's current rescue fund.
Holders also received detachable securities linked to Greek output with a notional amount equal to the face amount of the new bonds.
After Friday's expression of interest ends, the bonds will be exchanged on April 11.
The Greek bond swap is intended to helpGreecemeet a wave of debt repayment deadlines this year, and is a key part of a eurozone-IMF rescue to enable the country to rebuild its economy.
Collective action clauses recently included into Greek law enabledAthensto force compliance on additional bondholders, pushing the overall participation rate to 95.7 percent.
Greecehas a total public debt of over 350 billion euros.
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