Greek cabinet targets debt swap from March 8

The Greek cabinet has agreed to launch a debt swap for private creditors on March 8 with the aim of completing it by March 11. The swap is to accompany a $130 billion rescue package that Athens hopes to agree with its euro zone partners on Monday and it will mean that creditors take a 70% cut in the real value of their holdings. Ministers were optimistic as they left the meeting at parliament. After months of often acrimonious negotiations, Greek hopes are rising that euro zone finance ministers will finally endorse on Monday the rescue which Athens needs to avoid bankruptcy next month when major debt repayments fall due.