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http://beta.aalf.org/wiki/index.php?title=ElsiWesterman919&action=history Revision history for this page on the wiki en MediaWiki 1.13.3 Mon, 02 Nov 2026 15:02:05 GMT http://beta.aalf.org/wiki/index.php?title=ElsiWesterman919&diff=39627&oldid=prev <p>New page: The banking industry has described its agreement with Greece to cut its debts as &quot;unprecedented&quot;. A group of banks and other investors in Greek government debt have agreed to exchange the...</p> <p><b>New page</b></p><div>The banking industry has described its agreement with Greece to cut its debts as &quot;unprecedented&quot;.<br /> <br /> A group of banks and other investors in Greek government debt have agreed to exchange their debt for new bonds that are worth much less and pay a modest rate of interest.<br /> <br /> Including the reduced interest rate, the losses to the banking industry are more than 70%.<br /> <br /> For some of Europe's biggest banks, that means heavy losses.<br /> <br /> &quot;The losses are going to be substantial, but they are contained and there's a longer-term benefit for the system in having a core group of investors sit down across the table and coming together,&quot; said Charles Dallara, managing director of the Institute for International Finance, which negotiated on behalf of the banking industry.<br /> Continue reading the main story<br /> ?Start Quote<br /> <br /> In the long and tawdry history of governments borrowing more than they can afford, this represents a remarkably huge, unprecedented write-off?<br /> <br /> image of Robert Peston Robert Peston Business editor, BBC News<br /> <br /> More from Robert<br /> <br /> It is perhaps no great surprise that Greek banks are the most exposed to Greek debt.<br /> <br /> According to Barclays Capital, the top two holders of Greek debt are National Bank of Greece, with 13.2bn euros ($17.5bn), and Eurobank EFG, which holds 7.3bn euros ($9.7bn).<br /> <br /> Once the bond exchange is completed, those holdings will be worth less than half their current value, and if you include future interest payments, worth 70% less.<br /> <br /> Outside Greece, French and German banks hold the most Greek debt.<br /> The last bailout?<br /> <br /> Many foreign banks have already accepted that their investments in Greece are now worth just a fraction of their original value, irrespective of the latest deal.</div> Sat, 31 Mar 2012 22:13:56 GMT ElsiWesterman919 http://beta.aalf.org/wiki/index.php?title=Talk:ElsiWesterman919