Greece Begins Procedure For Debt Buy-Back

The Public Debt Management Agency (PDMA) on Monday announced an invitation to eligible holders of the bonds to submit offers to exchange the designated securities (together wéth accrued and unpaid interest on them) for up to 10 billion euro aggregate principal amount of six-month notes to be issued by the European Financial Stability Facility (EFSF). "The invitation is designed to improve the Republic's (Greece's) debt profile in furtherance of the November 27, 2012 Eurogroup Statement," the PDMA said in an announcement. The PDMA set a minimum price range of 30.2 percent to 38.1 percent and a maximum price range of 32.2 percent to 40.1 percent depending on the bond maturities on the 20 series' of outstanding bonds.