Greek pension funds see value of government bonds fall

The nominal value of government bonds held by Greece’s state-controlled pension funds dropped €10.7 billion ($13.4 billion) after the country’s debt swap earlier this year, Finance Minister Yannis Stournaras said.

The nominal value fell to €13 billion from €23.7 billion, Mr. Stournaras, citing Bank of Greece data, said in a written response to a lawmaker’s question distributed to reporters Tuesday.

Greece reduced its debt by about €100 billion when bondholders agreed to the biggest sovereign restructuring in history in March. The debt swap and bailouts from the European Union and the International Monetary Fund aim to reduce Greek debt to 120% of gross domestic product by 2020 from 165% last year.