Key investors sign up for Greek debt relief

Columns of the Parthenon temple are seen behind a European Union flag in Athens, Greece, Nov. 4, 2011.
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BRUSSELS - The banking group that has been leading the talks on a massive debt relief for Greece says 12 of the biggest investors in the country's debt have committed to participating in the plan.

Greece is currently trying to convince banks and other investment funds to swap their Greek government bonds for new ones with a much lower face value, longer repayment deadlines and lower interest rates.

The Institute of International Finance said Monday the investors that have promised to participate in the plan include German insurer Allianz, French bank BNP Paribas, Germany's Commerzbank and Deutsche Bank, as well as Greece's Eurobank EFG and National Bank of Greece.

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Getting a large number of investors to participate voluntarily is key for Greece to get a second bailout and avoid default.