Thursday, December 8, 2011

Greek banks resist state control in bailout

Greek banks need state aid to get through the losses of a planned write-down of the country's sovereign debt but the lenders are pressing the government not to take over management at the same time.

Under a second debt rescue agreed in October with the EU and IMF, private creditors agreed to write-down 50 percent of their holdings of government bonds, effectively cutting Greek's debt burden by 100 billion euros.


AFP