That process is known as a debt swap.

The Group of 30 has criticized third-world debt swaps, a growing business favored by major money-center banks.

Though a debt swap is now progressing, the government is still working to cut spending and meet its obligations.

There are many forms of debt swaps.

She says a Greek debt swap was discussed.

Even in the immediate future, Greece needs to secure a near 100% participation in the debt swap.

That means the possible debt swap and the moves Mr. Cavallo has already made are intended to provide time for this strategy to work.

Brazil's improving economic outlook could determine whether the debt swap will succeed.

The debt swaps are to be part of a campaign to make Brazil, Latin America's largest market, attractive once again for foreign investment.

Further, debt swaps can act as an incentive for new foreign investment, which helps increase domestic business confidence in countries with deeply troubled economies.