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News Summary: Greece launches bond buyback plan

The Associated Press

DEBT STABILIZATION: Greece is planning to spend up to €10 billion ($13 billion) in a bond buyback program that it hopes will help bring its debt under control.

BIG SAVINGS: The buyback could shave about €20 billion ($26 billion) off Greece's debt. It comes less than a year after private holders of Greek debt agreed to a big write-down in the value of their Greek bonds.

NEW LOANS: The program is part of efforts to reform Greece's moribund economy and is among steps the country is taking to secure the disbursement of international rescue loans.