The European Central Bank is currently swapping Greek government bonds with new ones at their face value, Germany's Die Welt newspaper reported Thursday.
The newspaper, quoting well-informed sources, said the swap will be completed by Monday. The ECB has an estimated EUR 50 billion worth Greek government debt holdings.
The ECB is generating a profit by getting face value for the bonds, which they purchased at a discounted price. The profits will be distributed through national central banks to the governments, the newspaper said.
Die Welt said that this is a technical operation, which ensures that the central bank stays out of the private sector debt swap deal.
by RTT Staff Writer
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