27 Oct '11, 2am

Euro zone seals rescue deal as banks agree to take 50% loss on Greek debt

Euro zone seals rescue deal as banks agree to take 50% loss on Greek debt

The euro zone sealed a grand deal to overcome its festering debt crisis Thursday when banks agreed to take a 50 per cent loss on Greek debt, officials said. -- PHOTO: REUTERS BRUSSELS (AFP) - The euro zone sealed a grand deal to overcome its festering debt crisis Thursday when banks agreed to take a 50 per cent loss on Greek debt, officials said. Euro zone officials announced the deal following tough talks in Brussels between leaders of the euro zone and the Institute of International Finance banking lobby to force the private sector to share the pain of Greece's debt burden. The agreement was the last and perhaps toughest chapter to negotiate in a wide-ranging four-point plan to find a lasting solution to Europe's festering debt crisis. IIF head Charles Dallara earlier met French President Nicolas Sarkozy and German Chancellor Angela Merkel on the sidelines of a summit of...

Full article: http://www.straitstimes.com/The-Big-Story/The-Big-Story-2...

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What a good DEAL!

What a good DEAL!

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