Greece: It is close on debt-swap deal

A Greek official in Athens said it appeared likely more than enough bondholders would participate in a debt swap to meet the government's target. More than 75 percent of the bondholders in the private sector have agreed to take part in the plan that would reduce the government's immediate obligations. This would satisfy one of the requirements the international community placed on Greece in order for the government to receive a $170 billion international bailout package. "At the moment, it appears that we will exceed even the optimistic scenario," the official said. An official announcement is expected Friday morning. But early indications that Greece would qualify for the loan sent stock markets higher Thursday. Odds that Greece would meet the requirements by Friday's deadline were "very, very high," said Charles Dallara, managing director of the Institute of International Finance, a banking trade group. Dallara said he was "quite optimistic," that Greece would put the debt-restructuring deal on time. The optimism spread throughout Europe, the Journal said, showing up in Spain and Italy in the form of lower government bond yields. The $170 billion loan has been set up by the International Monetary Fund, the European Union and the European Central Bank, the so-called troika. The IMF said its board of directors would meet March 15th to decide whether or not to approve the loan.