Germany Fin Min Preparing Greek Debt Buy-Back Program

The German Finance Ministry is preparing a debt buy-back program for Greek sovereign bonds in the secondary market, German weekly Der Spiegel reported over the weekend, without citing its sources.
According to the magazine, Greece could borrow money from the Eurozone’s permanent bailout fund, the European Stability Mechanism (ESM), to buy back its own debt. On average, Greek bonds trade at some 25% of their face value. Buying E10 billion of Greek bonds would, thus, reduce Greek debt by E40 billion, Der Spiegel wrote. 

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