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posted: 12/9/2012 4:01 PM

Greek PM: bond buyback going 'very well'

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  • Greek Prime Minister Antonis Samaras speaks at a memorial service for Cyprus' late President Tassos Papadopoulos near the island's capital, Nicosia, Sunday. Samaras is in Cyprus for two-day unofficial visit.

      Greek Prime Minister Antonis Samaras speaks at a memorial service for Cyprus' late President Tassos Papadopoulos near the island's capital, Nicosia, Sunday. Samaras is in Cyprus for two-day unofficial visit.
    ASSOCIATED PRESS

 
Associated Press

ATHENS, Greece -- Greece's prime minister says the bond buyback scheme aimed at lessening the crisis-hit country's debt load is "going very well" and that he will have definite results Monday or Tuesday, according to state TV NET.

Antonis Samaras visited Munich, where he had talks with Bavarian governor Horst Seehofer. Finance Minister Yannis Stournaras has also made the trip Sunday.

The government had initially said an announcement would be made over the weekend.

The government has said it will spend about $13 billion in European funds on the buyback, offering between 30 and 40 percent of the bonds' face value.

The bond buyback, along with a tax bill to be introduced Tuesday, will clear the way for the release of $44 billion in rescue loans.

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