Greek parliament approves debt swap plan: reports from MarketWatch.com - MarketPulse FRANKFURT (MarketWatch) -- Greece's parliament, as expected, backed a debt swap with private bondholders -- a move that aims to reduce the government's debt pile by more 100 billion euros ($132 billion), news reports said Thursday. That clears the way for Greece to issue its formal offer, which would see private creditors exchange Greek bonds for new debt at lower interest rates and longer maturities. Greek Finance Minister Evangelos Venizelos said the government will announce the offer on Friday, Dow Jones Newswires reported. Under the swap, private creditors will take a 53.5% cut in the principal on their bonds. Greece is also expected to implement retroactive "collective action clauses" that will allow a majority of bondholders to force all private creditors to participate in the bond swap. The clause could be invoked if voluntary participation is deemed insufficient.