Greece Near Debt Deal

Greek media reported Friday that the government has hashed out a deal to help relieve the country of some of its long-term debt problems—a key step in avoiding an economically catastrophic default. The deal would allow private creditors to swap bonds that would exchange credit for debt. Charles Dallara, managing director of the Institute of International Finance, will reportedly announce the deal in Athens on Friday. In a less wonky way to deal, Greece has fielded less-sophisticated debt-reduction schemes recently, announcing it would allow film crews to rent out ready-for-prime-time scenery from the age of Pericles.