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Eurogroup discussing 53.5 pct private sector Greek losses - source
February 20, 2012 / 11:01 PM / 6 years ago

Eurogroup discussing 53.5 pct private sector Greek losses - source

BRUSSELS, Feb 20 (Reuters) - Euro zone finance ministers are pushing for private sector creditors to take at least a 53.5 percent loss on the nominal value of their Greek bonds as part of a debt swap, a senior euro zone source said on Monday.

The figure exceeds the original proposal to take a 50 percent nominal loss as part of an effort to reduce Greece’s private sector debts by around 100 billion euros.

Earlier, two sources said private sector negotiators represented by the Institute of International Finance had proposed accepting a bigger loss on their Greek bonds to help plug a funding gap, but they declined to give details.

A debt swap agreement with the private sector is a critical element in the euro zone being able to agree a second financing programme for Greece, worth around 130 billion euros.

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