Summary Box: Greece says bond talk progressing (AP)

BOND TALKS: Greece's talks with private creditors over a bond swap deal that is a vital part of the country's second international bailout are making progress and are close to reaching an agreement, officials said.

THE PROPOSAL: Under the deal, creditors would accept a 50 percent reduction in the face value of Greek bonds they hold, potentially cutting the country's debt by euro100 billion ($128.08 billion).

THE BACKGROUND: The bond swap, part of a euro130 billion new international rescue package agreed by European leaders in October, seeks to ease Greece's massive deficit and help the country emerge from financial crisis.

Source: http://us.rd.yahoo.com/dailynews/rss/eurobiz/*http%3A//news.yahoo.com/s/ap/20120110/ap_on_bi_ge/eu_greece_financial_crisis_summary_box

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