ECB to Exchange Greek Bonds

By IBTimes Staff Reporter: Subscribe to IBTimes's

February 16, 2012 3:20 PM EST

The European Central Bank has taken action to protect its €50 billion ($65.5 billion) Greek bond portfolio by swapping the existing bonds for new ones issued by Greece, The Wall Street Journal reported Thursday.

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The action is designed to protect the ECB and the 17 central banks that make up the coalition investing in the notes, The Journal reported.

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