Greece has hired Deutsche Bank and Morgan Stanley to conduct a voluntary buyback of its debt, a senior finance ministry official told Reuters yesterday.

Eurogroup finance ministers and the International Monetary Fund agreed earlier this week to conduct the buyback by mid-December, as part of measures to make Greece‘s debt sustainable.

Deutsche Bank will be the lead manager. Deutsche and Morgan Stanley will act together as deal managers. One proposal is to lend Greece €10 billion from the eurozone’s rescue fund EFSF, which would allow it to buy €30 billion worth of debt, cutting its outstanding obligations by €20 billion.

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