Dec.10 - Greece extends its offer to buy back debt after receiving bids of 26.5bln euros from bondholders - short of a 30bln target needed to secure the next EU/IMF loan. Sonia Legg reports
26.5 bln euros is today's daily digit in Europe - the amount Greece has been offered for its debt. It needs to buy back 30 bln euros of debt at a cost of just 10 billion. Greece hasn't quite reached its target but it has extended the deadline to Tuesday in the hope it will. It's success is crucial to ensuring Greece's debt is put back on a sustainable footing. It's hoped the buyback will provide about half a 40billion euro debt relief package agreed last month by the EU and IMF. Euro zone finance ministers are meeting on Thursday to review the buyback operation. They hope to sign off the next installment of loans to Greece under a second international rescue programme and save the country from bankruptcy.