Greek lawmakers are debating emergency legislation to approve a massive bond swap that would shave euro107 billion ($142 billion) off the country's privately held debt.

Parliament will vote late Thursday on the proposed deal, which has already been approved at committee level. The governing coalition controls a strong enough majority to easily pass the law.

The writedown to be imposed on banks, pension funds and other private holders of Greek government bonds was agreed this week by finance ministers from the 17-member eurozone.

The meeting in Brussels also approved a new euro130 billion ($172 billion) bailout to prevent Greece from going bankrupt and keep the country within the euro area.

Greece has been surviving since May 2010 on a first batch of international rescue loans.