Greece Narrowly Avoids Default

    People walk past the Bank of Greece headquarters in Athens on March 7, 2012. Greece toughened its stance to push creditors to accept a debt swap and take heavy losses, just one day before the deadline on Thursday for completion of the deal to avert default.  AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)

    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