Greece's braces for more protesting

The Greek Government is preparing for further anti-austerity protests as parliament debates economic restructuring in an effort to avoid defaulting on their loans next month.

New legislation, set to be put to the vote tonight, would retrofit Greek bonds with collective-action clauses. The measures will attempt to force losses on those bond holders likely to resist voluntary debt restructuring.

The reforms would see private sector creditors - who currently own approximately €200 billion of Greek bonds - take a 53.3% cut.

Despite the severity of the restructuring, Greece’s government hopes at least two thirds of all bond holders will participate in the voluntary debt exchange.