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Greece may need 60 percent bond writedown; EU at odds
Posted By aaron On October 22, 2011 @ 8:19 am In World News | Comments Disabled
October 22, 2011
BRUSSELS – Private holders of Greek debt may need to accept losses of up to 60 percent on their investments if Greece’s debt mountain is to be made more sustainable in the long-term, a downbeat analysis by the EU and IMF showed on Friday.
Euro zone finance ministers threw Greece a lifeline on Friday by agreeing to approve an 8 billion euro loan tranche that Athens needs next month to pay its bills.
But the European Commission, European Central Bank and International Monetary Fund — the so-called troika — issued a gloomy report on Greece’s ability to pay its debts.
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