Greece Said to Drop Writedown Request Amid EU Opposition

Greece retreated from its call on the euro area to write down its debt, and instead proposed to exchange existing borrowings for new bonds linked to the country’s growth.

Speaking to about 100 financiers in London late on Monday, Finance Minister Yanis Varoufakis outlined plans to swap some Greek debt owned by the European Central Bank and the European Financial Stability Facility for the new securities, according to a person who attended the meeting and asked not to be identified because they weren’t authorized to speak publicly. Varoufakis indicated that the move would allow Greece to avoid imposing a formal haircut on creditors, the person said.