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Greece Hires Deutsche, Morgan Stanley to Run Greek Voluntary Debt Buy Back

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Greece has hired Deutsche Bank and Morgan Stanley to conduct a voluntary buyback of its debt, a senior finance ministry official toldReuters on condition of anonymity on Wednesday.

"At this moment, we intend the buy back to be voluntary,"the official said. "We hope that early next week, if possible onMonday, the Public Debt Management Agency (PDMA) will publishthe invitation for the buy back," he added.

Eurogroup finance ministers and the International MonetaryFund (IMF) agreed earlier this week to conduct the buy back bymid-December, as part of measures to make Greece's debtsustainable.

Greece has not determined yet at which price it will offerto buy back the debt from private bondholders, the officialsaid.

Concerns that the buy back would be imposed on Greek bankshave led their shares to plunge since Tuesday, when the plan wasannounced.