Greek bond swap sees more takers as deadline nears

By Nicholas Paphitis

Associated Press

Published: Wednesday, March 7 2012 7:50 a.m. MST

"What kind of message are we Greeks sending?" he told private Real FM Radio. "Is our message that we prefer the country to go bankrupt and the social security funds' bonds to be totally wiped out? If (the bond swap) does not succeed, what will these bonds be worth? They will be worth a big zero. Because the country will have been wiped out."

Greece has depended on international rescue loans since May 2010 and has had to implement stringent austerity measures in return for rescue loans from eurozone countries and the IMF. The country is in its fifth year of deep recession, and unemployment is at a record high of 21 percent.

Earlier Wednesday, prison guards launched rolling 24-hour strikes to protest income cuts and crowded detention conditions. While not affecting jail security, the strike will stop prison visits and transfers of prisoners.

And dozens of police unionists in yellow police vests occupied their social security fund building in Athens, calling for greater transparency in the management of its finances.

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Paphitis reported from Athens, Greece.

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