The bond swap aims to reduce Greece's debt by €100bn and is a key part of a second, €130bn international bailout.

The bond swap is crucial because it is a precondition for a second, €130bn bailout for Greece.

The bond swaps are at the center of an investigation by the United States Securities and Exchange Commission.

Do what is known as a bond swap.

That's what the tax break known as a bond swap amounts to - a year-end gift of otherwise-Federal dollars.

For its part, ISDA in the leadup to a 50% or greater "haircut" for Greek bondholders, issued an opinion that the bond swap would not constitute a default event.

Municipal bond swaps are particularly popular - the loss can be locked in and the taxpayer can keep the position in the portfolio by buying a similar issue.

Dallara is also to meet with Prime Minister Lucas Papademos, as pressure mounts for a conclusion to the negotiations on the bond swap.

- An article on the general strike in Greece unfortunately said that the proposed bond swap would wipe off an estimated €200bn from Greece's debt.

With bond swaps, "the I.R.S. has never defined how much different the yield and maturity must be," Mr. Ventura said.