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Greece and its private creditors are piecing together the final elements of a debt swap.
Greece is on the verge of reaching a deal with its private sector creditors, according to the New York Times.
The final details are being hammered out in advance of next week's European Union summit and aim to avoid an uncontrolled default.
Reuters reported the negotiations are in the final phase but it's unclear if they would be finalized by Monday's summit.
The news agency also said Greek bondholders were said to be wrapping up a deal along the lines of a proposal made by Jean-Claude Juncker, the chairman of euro zone finance ministers.
Talks have gone through a number of rounds and broken down twice already.
Some experts blame the International Monetary Fund and European leaders for calling for larger debt reduction which are burdening Greece with tough austerity measures.
More from GlobalPost: Greece and creditors inch toward deal
Greece needs a deal to qualify for another installment of bailout funds. And it needs the bailout loans to make its next payment on its debt – 14.4 billion euro, which is due in March.