The private creditors who hold Greek bonds look resigned to the idea that they are going to take a big hit on their investments. Last week, the bond holders gave what they called their "best offer" to the Greek government regarding the interest rate Athens would pay on the new bonds. This offer was rejected by the EU who are overseeing the process and must approve any deal if Greece is to get the $130 billion in bailout funds. Now, with a deadline looming, the two sides appear close to a deal. In essence, the bond holders are willing to take a 50% loss in lieu of a 100% loss as a result of a Greek default. Reuters: Greece and its private creditors worked on stitching together the final bits of a complex debt swap agreement Saturday, amid growing optimism a deal will be clinched in time to avert an unruly default. After weeks of muddling through round after round of inconclusive talks, the negotiations appear to be in their final phase, though it was unclear if a preliminary deal...(Read Full Post)