Greece close to double debt deal

Greece says it has all but concluded a crucial deal to write off half its privately-held debt.

Finance Minister Evangelos Venizelos told a news conference "We are one step - I would say it is a formality - away from finalising" the debt relief agreement.

It would see private creditors swap their Greek bonds for new ones of a lower value, longer repayment period on lower interest rate.

Mr Venizelos says his Greece is now focusing on completing negotiations by the end of the week on a new program of cutbacks until 2015 - without which Greece's bailout lifeline will be cut.

He hopes finance eurozone ministers can sign off on the new cuts - and a new bailout - during their meeting next Monday in Brussels.