Greece’s battered banks are being asked to swap about 33 billion ($47 billion) in floating-rate bonds for 30-year, fixed-rate securities under a euro-area plan to shield Athens from future interest rate increases, three people with knowledge of the matter said.
The swap is part of a package of debt-relief proposals for Greece to be presented at a December 5 meeting of euro-area finance ministers, according to the people, who asked not to be named because they weren’t authorised to speak publicly about the matter.