The government of Greece has said that it is planning to spend 10 billion euros or about $13 billion to buy back is bonds that were issued earlier in the year in its efforts to reduce its ballooning debt.

The bond buyback plans are linked to the efforts by its international lenders to reduce the country's debt to acceptable levels. The success of the bond buyback plan would also allow the country to gain access to funding and avoid a bankruptcy.

There have concerns about whether the country will be able to convince its lenders to reduce its debt by a net 20 billion euros sine the plans were announced earlier. The euro zone finance ministers and the International Monetary Fund have set the target for the government of Greece in order to be able to access additional aid funding.

The buyback is being arranged through a modified Dutch auction that will introduce competition among investors to get the best price for their bonds. The country has set a price ranges for its 20 series of outstanding bonds. The price range has been fixed at a minimum of 30.2 to 38.1 percent and a maximum of 32.2 to 40.1 percent, which is dependent on the maturity of the bonds.

Greece has already announced that it will willing t spend upto only 10 billion euros and the investors interested in the auction must express interest by December 7 and the expected settlement date is December 17.