Non-profit group saves Greece multi-million USD of debts

ATHENS, Aug. 8 (Xinhua) -- The Greek government on Friday accepted a donation of 2.3 million euros (3.1 million U.S. dollars) worth of state bonds acquired by a non-profit group for cancellation, the Finance Ministry said.

Greece Debt Free, a U.S.-based nongovernmental organization founded in 2011 by Greeks living abroad aiming to support efforts to reduce Greece's national debt to sustainable levels, submitted to Athens the first set of bonds for cancellation last September and another set recently.

"We thank the non-profit organization Greece Debt Free for the strong symbolic initiative," the Finance Ministry said in a statement.

Peter Nomikos, founder of the organization which encourages companies and individuals worldwide to contribute to the effort to buy and cancel Greek debt, sees the platform as a model for more such initiatives.

After a painful austerity and reform program, Greece is exiting an acute four-year debt crisis that has brought it at the brink of default. The country's public debts now stand at about 314.8 billion euros (424.3 billion dollars).