Greece says bond talk progressing Summary Box: Greece says bond talk progressing Jan 10 02:12 PM US/Eastern BOND TALKS: Greece's talks with private creditors over a bond swap deal that is a vital part of the country's second international bailout are making progress and are close to reaching an agreement, officials said. THE PROPOSAL: Under the deal, creditors would accept a 50 percent reduction in the face value of Greek bonds they hold, potentially cutting the country's debt by euro100 billion ($128.08 billion). THE BACKGROUND: The bond swap, part of a euro130 billion new international rescue package agreed by European leaders in October, seeks to ease Greece's massive deficit and help the country emerge from financial crisis.