ATHENS, Greece (AP) — Crucial negotiations between the Greek government and its private creditors on a bond swap deal needed to avoid default appeared close to collapse Friday, with representatives of the bondholders saying they had been "paused for reflection."
The deal aims to reduce Greece's debt by €100 billion ($127.8 billion) by swapping private creditors' bonds with new ones with a lower value, and is a key part of a €130 billion ($166 billion) international bailout.
Without it, the country could suffer a catastrophic bankruptcy that would send shockwaves through the global economy. The bailout tops a first, €110 billion program agreed in May 2010, when the country's …
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