Greece's NBG to Participate In Greek Debt Buyback

ATHENS--Greece's largest lender National Bank of Greece SA (NBG) said Friday it will participate in the country's debt buyback program, a move likely to be followed by the country's other lenders.

The bank said its board had decided unanimously to participate in the deal, part of a plan by Athens to reduce to its debt and pave the way for more bailout loans.

Three other leading banks--Eurobank Ergasias SA, Alpha Bank AE and Piraeus Bank SA--have all scheduled board meetings Friday to discuss the deal, which ends at 1700 GMT.

Earlier senior banking officials said Greece's banks are ready to hand over up to 100% of the Greek government bonds they hold for the country's debt-buyback program if foreign investors don't offer enough of their holdings.

Together the four lenders hold some 15 billion euros ($19.5 billion) of Greek government bonds.

Write to Alkman Granitsas at [e-mail] and Stelios Bouras at [e-mail]

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