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Germany Plans Greek Debt Buyback as Part of Package, Zeit Says

The German government is considering a plan to help Greece buy back its debt as part of a package to stem the euro-area crisis, the Die Zeit newspaper reported.

Greece would be allowed to buy back government bonds with funds from the 440 billion-euro ($593 billion) European Financial Stability Facility made available to Greece “with favorable interest conditions,” Die Zeit said in an e-mailed release today, without saying where it obtained the information. In exchange, the German government wants Greece to make new pledges on reducing its budget deficit and debt, Zeit said.