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Greek Pension Funds Lost More Than 10 Billion Euros in Debt Swap

Greece’s state-controlled pension funds saw the nominal value of their government bond holdings drop 10.7 billion euros ($13.4 billion) after the country’s debt swap earlier this year, Finance Minister Yannis Stournaras said.

It fell to 13 billion euros from 23.7 billion euros, Stournaras, citing Bank of Greece data, said in a written response to a lawmaker’s question distributed to reporters yesterday.

Greece reduced its debt by about 100 billion euros when bondholders agreed to the biggest sovereign restructuring in history in March. The debt swap and bailouts from the European Union and the International Monetary Fund aim to reduce Greek debt to 120 percent of gross domestic product by 2020 from 165 percent last year.

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