FINANCIAL TIMES: European negotiators have asked Greek debt holders to accept a 60 per cent cut in the face value of their bonds, a hardline stance that far exceeds losses agreed in a deal between private investors and eurozone authorities three months ago…
Vittorio Grilli, Italian treasury chief and lead eurozone negotiator, is a victory for German-led northern creditor countries who have been pushing for Greek bondholders to accept far more of the burden for a second bail-out
The 60 per cent cut is a significant shift both in magnitude and in kind. The July deal did not force cuts in the face value of Greek debt; instead, bondholders would have been given new bonds that only delayed repayment for 30 years.… (more)
