Banks Agree to Take Loss on Greek Debt to Help Resolve Euro Crisis
European leaders in Brussels obtained an agreement from banks in meetings early
Thursday to take a 50 percent loss on the face value of their Greek debt, making
significant progress toward resolving the euro zone financial crisis.
The accord was reached just before 4 a.m. local time after difficult bargaining
and represented a crucial element for restoring credibility to the euro. The
severe reduction would bring Greek debt down by 2020 to 120 percent of that
nation’s gross domestic product, a figure still enormous, but more sustainable
for an economy driven into recession by austerity measures.
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