ATHENS — Greece’s three biggest banks said they participated in the government’s $13 billion buyback of sovereign debt, the second hit to their bond holdings this year as the nation rushes to cut a debt load that threatens further international aid.
National Bank of Greece, the largest lender, Alpha Bank and Eurobank Ergasias said in statements to the Athens bourse Friday that their boards agreed unanimously to join the offer, which ended at 7 p.m. Athens time. No further details were provided.
Greece is using a 10 billion-euro loan from Europe’s bailout fund to buy back bonds issued earlier this year and unblock aid from the European Union and International Monetary Fund. The buyback was part of a package of measures approved by euro-area finance ministers last week to cut the nation’s debt to 124 percent of gross domestic product in 2020 from a projected 190 percent in 2014.
— From wire reports
