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The banking industry has described its agreement with Greece to cut its debts as "unprecedented".

A group of banks and other investors in Greek government debt have agreed to exchange their debt for new bonds that are worth much less and pay a modest rate of interest.

Including the reduced interest rate, the losses to the banking industry are more than 70%.

For some of Europe's biggest banks, that means heavy losses.

"The losses are going to be substantial, but they are contained and there's a longer-term benefit for the system in having a core group of investors sit down across the table and coming together," said Charles Dallara, managing director of the Institute for International Finance, which negotiated on behalf of the banking industry. Continue reading the main story �Start Quote

   In the long and tawdry history of governments borrowing more than they can afford, this represents a remarkably huge, unprecedented write-off�

image of Robert Peston Robert Peston Business editor, BBC News

   More from Robert

It is perhaps no great surprise that Greek banks are the most exposed to Greek debt.

According to Barclays Capital, the top two holders of Greek debt are National Bank of Greece, with 13.2bn euros ($17.5bn), and Eurobank EFG, which holds 7.3bn euros ($9.7bn).

Once the bond exchange is completed, those holdings will be worth less than half their current value, and if you include future interest payments, worth 70% less.

Outside Greece, French and German banks hold the most Greek debt. The last bailout?

Many foreign banks have already accepted that their investments in Greece are now worth just a fraction of their original value, irrespective of the latest deal.

In its most recent set of results, France's BNP Paribas, the biggest owner of Greek debt outside Greece, said that it had written down the value of its Greek debt by 75% on its balance sheet.

And according to the Barclays report, Commerzbank is the biggest holder of Greek debt among Germany's banks. Its holdings of government debt have complicated its efforts to raise new finance to boost its balance sheet.

For the average investors, the effect of Tuesday's bailout is limited. Most insurance companies and investment firms have little or no exposure to Greece.

Some hedge funds have built up their holdings in Greek debt, but it is likely to be a relatively small amount, perhaps less than five billion euros.

It is thought some will refuse to sign up to the bailout deal and hope to be repaid in full.

Analysts are now wondering whether the latest deal will be enough. The Greek economy is in recession, making it even more difficult for the nation to pay its debts.

"The debt sustainability analysis is much worse than people were expecting," said Laurent Fransolet, head of fixed-income strategy research at Barclays Capital.

"It's ambitious and we cannot be sure this is the last bailout. Does it buy a bit more time? Yes. But the next one will have to involve the official sector much more."

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In his eighty-second year, still a human dynamo, Mr. Baruch talks not of the past but of present problems and the future, deploring our ignorance of history, economics, and psychology. His only reference to the past

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In his eighty-second year, still a human dynamo, Mr. Baruch talks not of the past but of present problems and the future, deploring our ignorance of history, economics, and psychology. His only reference to the past

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I am a piece of crystal a snowflake, and you are a beautiful firm plum.In order to pursue one of your scent, I leave the boundless distant sky to gone with the wind.The clouds, the branches, thousands of miles, like the Milky way you I ruthlessly separated, but we love each other but how are inseparable affection.
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The president named nine indigenous peoples who were decimated by the rubber-tapping project of Julio Cesar Arana, a controversial Peruvian entrepreneur and politician.

"It is essential to contribute towards healing the wounds inflicted on your lives and in the memory of our nation," he said.

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Day was a No. 14.Together with you when you are good to me is very good, but sometimes will get into a huff, tease me.When I was in school, you'll want me, want to go back to school, you say that it can meet, you will occasionally talk to me first love ah what, then you and I would say that although we are not the first, but still want to experience again the first kiss.
You will be very bad that you take your clothes off to me I will show you my girls wear school uniforms look, and I will respond to you, if you let me see you strip off the dress. I'll give you see me in a boys school uniform look! You will say not good.
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The president named nine indigenous peoples who were decimated by the rubber-tapping project of Julio Cesar Arana, a controversial Peruvian entrepreneur and politician.

"It is essential to contribute towards healing the wounds inflicted on your lives and in the memory of our nation," he said.

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As the years passed and the age increase ,abercrombie,the original mother my heart to hate slowly faded ,especially in recent years become a father ,feel the parenting difficulties ,my mood also becomes flat and up ,know how hard to contain Life heating and injury.
&mdash  ;&mdash  ;remember the day before the Spring Festival ,brother to buy a new car hurried back from Zhongshan ,and I go back home village .Say uncle, your mother body is not good, your brother went to have a look of her .
So my brother and I went to her mother .The mother of a dishevelled hair ,has white half ,with a forehead wrinkles, his clothes have been washed white ,louboutin,these a few years old mother was a lot .
See my brother ,mother very happy ,immediately moved stool with the sleeves of wipe is handed over and let me sit ,then ran to the fire to boil water for us to drink .Looked at the mother in the kitchen busy old figure, heard his mother was fire smoke choking cough voice ,pain, feeling suddenly spread, I just feel nostril acid &hellip  ;&hellip  ;over the years ,I have been reluctant to talk to her mother ,mercurial vapor pas cher,not the pain memory ,only want the former &ldquo &rdquo  ;wound ,christian louboutin pas cher;in the wind slowly healing scab ,slowly ,mercurial vapor,slowly .
But this is not the time to visit &ldquo  ;&rdquo  ;,but let me find that all the previous efforts were in vain ,outside in the days I can clear the face of everything, but the inherent feeling and my body be related by flesh and blood ,the longer the more compact &hellip  ;&hellip  ;that year, long illness father eventually leave the West return, after less than two months time mother hastily remarried .
When I was just four years old ,my brother is still cry piteously for food .In grief ,old grandmother took me two brothers picked up, a cold and hot tearing .Due to malnutrition ,my age is sickly ,sometimes in the middle of the night to drink water .
Grandma rose edge yawned side fire pot ,a boil is two or three hours ,until the finished water,, day daybreak ,grandmother to work hard ,one can imagine .Also because of the lack of nutrition ,I also suffered from infantile malnutrition ,sallow complexion ,one of the worst I was carried out by the house under the shade of the trees drip .
While my brother or not there ,grew into a big radish &ldquo  ;&rdquo  ;,but we still like the stones in two strains of bean sprouts ,tenacious and pale growth .A mother is not married ,but falls in the village to the East ,and we are living in the west .
Although not much ,but his mother still rarely come back to see us ,sometimes on the road meets ,louboutin pas cher,just also be neither hot nor cold asked after the two or three sentence went away .Only time is the third grade primary school period I was a second grade,louboutin pas cher, school award me three yuan ,mother know that after the two together ,to help me buy a white shirt ,it mother left me the most warm memory .
My mother has given birth to two sons and two daughters ,is less to see my brother .The final break with the mother is my brother and I at the same time in high school ,brother admitted to school ,but I want to get into a culture ,this is the first time in the village .
But we are not ,because two person of tuition is five thousand yuan, then the poor at home ,don money .Grandma and uncle he reluctantly said ,look for your mother come to think of it ,can borrow number is how many .
I know little hope, because mother is only money is life, very little attention to read her several children of primary school ,did not graduate school at home to work for the future ,but anyway ,I have only had to try .
Indeed ,when my brother came home with mother explain themselves ,her face clouded over ,and it rejected .I whispered to her said  :&ldquo  ;mother ,you should help me ,moncler,I had never forget you  !&rdquo  ;&ldquo  ;I didn ,the money I vegetables .
&rdquo  ;she finally said  :&ldquo  ;you have to borrow money to read ,I have no money ,I wouldn you  !&rdquo  ;it doesn look up to my back chills ,say it is damn mind flesh ah ,I doubt that both of us is it right? Her own son ,mother to my image in the moment was completely destroyed .
When we are uncle and uncle support to raise tuition to the school, the mother is in the village built a new house .A few years later ,I and my brother graduated have gone to work, his brother went to Zhongshan on a unit of agricultural work ,and I in the small town of hard a few years later ran into this strange city to settle down ,doudoune moncler.
During my brother and I often go back to see the village ,still the grandmother ,uncle and uncle ,grandmother in the early years has passed away ,left me with a life of regret irreparable  ;and mother I would never go to see her ,because my heart that hate .
But from the uncle mouth ,I still zero zero spread to know about mother .Mother Day is not easy ,many children with no culture ,go to find a job ,but was not a few money ,life and even worse ,son daughter-in-law is with no money ,a forlorn look all day .
The people in the village often sarcastic she said  :&ldquo  ;hey ,put a good day cannot too ,it seems you in this life is really Mingku ah .&rdquo  ;perhaps with Kuiyi ,mother rarely dare to come to my home two ,only the brother-in-law married really didn ,had to find my uncle ,uncle to contact us ,brother to help out thousands of yuan to pull through ,but money is also grants her  ;and once the village people bully her ,she found my presence ,the village people to see my brother will help her ,later also not dare extravagant .
Some people say ,love is the closest person to harm ,to this I feel the same ,louboutin.To be honest ,in the first few years, I never go to see my mother ,some times I come back in the village to meet her ,she was also low head, a bewildered look ,whispered  :&ldquo  ;you come back  ?&rdquo  ;and I pretended not to hear it swept away .
Until I gone far, mother still stood with … &hellip  ;but time is like a river ,it can get everything to dilute ,including hatred ,including missing ,including memory .As the years passed and the age increase ,the original mother my heart to hate slowly faded ,especially in recent years become a father ,feel the parenting difficulties ,my mood also becomes flat and up ,christian louboutin,know how hard to contain Life heating and injury .
Therefore ,after back home we slowly began to have a look her way ,or on holidays to a fortune she .At that time ,her expression always is very complicated ,there is joy ,guilty ,and blessing .
It was a few days before mother and mother ,this should be Thanksgiving Day ,my heart is to be full of excitement. I remembered ,not in my long life have all the suffering, also think of mother gave me two unbridgeable scars & rdquo  ;,&ldquo  ;the first old man and mother was white and distress ,I in your heart gently sighed  :mother ,I want to tell you is not easy .
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