These officials said Moscow had presented to Mr. Castro several proposals for swapping Cuba's debt for Russian stakes in potentially profitable Cuban enterprises in oil refining, nickel production and other sectors.
When Varoufakis unveiled Syriza's proposal for debt swaps, he pledged that his government would maintain a primary surplus on the budget, and would outdo its predecessor in pushing through structural reforms.
Its proposal calls for swapping 9.6 acres of city-owned parkland next to KeySpan Park for 10 acres in the amusement park area owned by a shopping center developer, Joseph J. Sitt.
The proposal for Iran to swap low-enriched uranium for fuel rods was cast as a confidence-building measure in earlier talks, but Iran subsequently retreated from it.
He also warned that a mooted proposal for a bond swap, to ease Athens' cash-crunch, was likely to be rejected, because it struck "fear into the soul" of European Central Bank president Mario Draghi.
Collective action clauses are legal riders in bond contracts that can make it easier for a debtor country to restructure its loans by forcing holdouts to accept the country's proposal for a bond swap if a certain majority of creditors agree to it.
On the other hand, the proposal for the fuel swap is much more palatable in Iran than suspending enrichment, a non-starter.
The proposal for the fuel swap, which was initially strongly backed by the U.S., would have some of the benefits to the U.S. of compelling Iran to suspend enrichment; namely, by using up some of Iran's stock of low-enriched uranium, it would push back the date by which Iran would have enough low-enriched uranium, if it were enriched further, to produce a nuclear weapon.
A Spanish proposal to swap Gibraltar for Ceuta on the other side of the Strait was considered but was eventually rejected.
If that scheme is likely to be to be declared a default anyway, the German-led core decided, they might as well revert to a previous German proposal to swap maturing debt for new seven-year pledges, also resulting in default.
Mr. Trichet added his backing to proposals for default swaps to be traded on a central clearing platform, as is routine for other kinds of derivatives.
