Greece Narrowly Avoids Default

    Louisa Gouliamaki / AFP / Getty Images

    Greece avoided an immediate default on Friday by reaching a sweeping bond-swap deal with private debt collectors that will help erase its mountain of government debt. European ministers, meanwhile, are set to approve a €130 billion bailout. French President Nicolas Sarkozy said the Greek crisis had been “settled,” while Germany warned that thinking the crisis is over would be “a big mistake.”

    Read it at Reuters