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ECB Is Swapping Greek Bonds for New Greek Bonds, Die Welt Says

The European Central Bank is swapping its 50 billion euro Greek government bond holdings for new Greek bonds, Germany’s Die Welt newspaper reported, citing unidentified central bank officials.

The swap will be completed by Feb. 20, Die Welt said in a pre-release of an article to be published tomorrow. The ECB is swapping the bonds at their nominal value, generating a profit because they were purchased at a discount.