ECB to swap Greek bonds to avoid forced losses

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The national central banks in the euro zone are set to exchange their holdings of Greek bonds into new bonds in the run up to a private sector debt deal to avoid taking any forced losses, euro zone sources said on Thursday.

The swap would take place over the weekend, two of the sources said. Another source added that the new bonds would have the same terms as the original ones.

The ECB declined to comment.

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