Greece To Buy Back Bonds

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Greece's government says it will buy back nearly 32 billion euros of its bonds — that means the country would be erasing nearly $40 billion worth of debt. The country's private-sector creditor agreed to sell off the bonds, though at sharply discounted prices. Getting rid of this chunk of debt should allow Greece to get more money from the International Monetary Fund.

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Transcript

(SOUNDBITE OF MUSIC)

DAVID GREENE, HOST:

NPR business news starts with a Greek buyback.

The government in Greece says it will buy back nearly 32 billion euros of its bonds - essentially that means the country would be erasing nearly $40 billion worth of debt. The country's private-sector creditor agreed to sell off the bonds, though at sharply discounted rate. For Greece, getting rid of this chunk of debt should allow the country to get more money from the International Monetary Fund. Transcript provided by NPR, Copyright NPR.