(ANSAmed) - ATHENS, MARCH 7 - Greek pension funds will see their Greek bond holdings' value be reduced by 53%, in line with a haircut agreed between the Greek state and private bondholders as Athens News Agency reports. The issue was discussed during a meeting chaired by Finance Minister Evangelos Venizelos with Labor and Social Insurance Minister George Koutroumakis and the governors of pension funds. Greek pension funds own state bonds worth 21 billion euros, with pension funds purchases totaling 7.0 billion euros, while the remaining 14 billion euros were deposits with the Bank of Greece which were later invested in state bonds. Ministry officials said that pension funds which would use state bonds as collateral for their borrowing from commercial banks (in the form of repos) will see their bonds nominal value fall to 25%. A memorandum, recently ratified by Parliament, envisages that pension funds could use a mix of state property assets, shares, deposits and other sources to recover any losses suffered by their bond portfolios. (ANSAmed).