Greece launches formal offer for debt writedown ATHENS, Greece (AP) - Greece has issued an official offer for a massive bond swap designed to knock euro107 billion ($142 billion) off its debt held by banks and other private investors. The Finance Ministry issued a formal offer Friday to banks and other investment funds under which creditors are called on to accept a 53.5 percent loss on the face value of the bonds they hold in return for new bonds with longer maturities. Success of the deal depends on a high level of participation. It is an integral part of the second international bailout for Greece, under which the country will receive euro130 billion ($174 billion) in rescue loans in return for further harsh austerity measures. ATHENS, Greece (AP) - Greece is planning to launch on Friday a public offer for a massive bond swap designed to knock euro107 billion ($142 billion) off its debt held by banks and other private investors. The formal announcement, expected later in the day, follows a Cabinet meeting which discussed implementation of the debt-crippled country's new austerity program. "We have made a titanic effort - and I believe titanic is the right word - to complete prior actions required for approval of financial support for the country and the process of the private sector involvement which will be officially launched today," Prime Minister Lucas Papademos told ministers. On Thursday, Parliament approved an emergency law on the debt writedown, decided by the 17-member eurozone this week together with a new euro130 billion ($173 billion) Greek bailout. Papademos promised to push through emergency legislation needed for the new austerity measures by Feb. 29, in time for a European Union leaders' summit the following day. Greek unions have joined a Europe-wide protest campaign against economic austerity on Feb. 29, planning a three-hour work stoppage and match to Parliament. Estonia became the latest eurozone country to endorse the new rescue deal for Greece, its lawmakers voting 56-32 in favor of the additional funding. The German Parliament's lower house votes on the package Monday.