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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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The epic style youth writing red play can be a fan drama the creation of the world -- seminar held in Shanghai drama the creation of the world reflects the early history of the founding of the Chinese Communist Party surge high and sweep forward ,emersion I party leader young when the book business gas where revolutionary spirit and emotional life of sincere and simple, it is a majestic atmosphere epic weather ,but also human complete works .
Secretary of leading Party group of Shanghai Writers Association ,Vice Chairman Sun this evaluation ,the Hushang many professionals and the general audience, on CCTV is a prime time television drama the creation of the world perception .
Yesterday afternoon, the CPC Shanghai municipal Party Committee Propaganda Department under the guidance of the film ,Shanghai ( Group) Company Limited and a joint for the hit TV series held expert seminar ,abercrombie.
As a part of Shanghai produced the original TV series , the creation of the world aired just more than half, but it uses the youth writing epic style ,has acquired the art community ,party history research community a high degree of recognition .
In yesterday ,many experts and scholars of the red drama is a fan er .From 20 years ago,christian louboutin, Shanghai filming classic film of the same name ,to the TV series ,and in July 23rd will be staged the play the creation of the world ,Shanghai is in the form of a the creation of the world red theme set .
As the birthplace of the Chinese Communist Party ,the artists of Shanghai tries their best to build a batch of high quality theme theme works ,to the party 90 anniversary offering a gift .
Fiction not empty ,sac longchamp, the creation of the world history . In place shows the Communist Party of China in the beginning of the creation of the difficult course, from South North Lee Morrie start ,end and in the Autumn Harvest Uprising ,over a span of 7 years .
history of these seven or eight years have conceptual understanding, the creation of the world by people with history ,through the story outline a complete history . Tongji University professor Wang Hongsheng at the forum said ,TV deal with the imaginary part of the historical and logical relations ,to achieve a fictional false historical look alike .
Mao Zedong learns of Li Dazhao sacrifice ,louboutin pas cher,do what ,did not see the document . The creation of the world in the bold imagination ,design a commendable bridge .Mao Zedong returned home ,the bed two pieces of straw mat out of the shop is on the ground, lay up began to speed his pen .
Visit the Chen Duxiu sees that Mao Zedong ,hold one also lie in another piece of straw mat writes .Finished, Mao Zedong put Li Dazhao at the expense of the news to push the door of Yang Kaihui .
Yang Kaihui hand out the lamp ,floor ,engulfed in flames two rugs ,which Li Dazhao had written to Sun Zhongshan elegiac couplet . This fictional plot ,louboutin,full of historical pathos and dignified ,very touching .
The movie the creation of the world director Li Xiepu evaluation of the creation of the world TV ,louboutin,not only manages to be faithful to history ,jordan,and manages to be faithful to the law of history ,franklin marshall.
Critic Wang Jiren says history to the greatest charm lies in constantly interpreted,christian louboutin pas cher, but the creation of the world in readings did not accommodating entertainment excessive overall television drama aesthetic environment .
Ideological, artistic and ornamental fusion is behind the stand ,stand the history of HISTEP .Film scholar Ge Ying thinks ,from films to television ,two the creation of the world in 20 years, reading of history had a deeper ,wider extension ,closer to the truth of history ,louboutin pas cher;and the history of expert evaluation ,,TV play convincing interpretation of the Chinese Communist Party in the Shanghai historical inevitability of emergence .
On the seminar ,experts on the television series the creation of the world epic style ,youth writing to explore fully affirmed ,that such exploration between the leaders and today young people distance ,is one has the artistic appeal ,be lively and vivid ,for adolescents in the party history education and the ideal ,chaussure jordan,belief education good textbooks , TV series for young people to understand ,what can be measured in dollars ,what cannot be measured in dollars .
Shanghai 90 years of red resources in literary creation ,is the inexhaustible source of the creation of the world in CCTV prime-time broadcast at the same time ,Shanghai produced the TV series the New Fourth Army soldier ,are eight sets of CCTV TV channel broadcast  ;soon after, television drama forever young was also planned for CCTV broadcast ,jordan pas cher;and light , 1921 China , Chinese ideal on oath 3 tribute film in Oriental TV channel launched in succession  ;the creation of the world is a drama .
.. ... Testimony of one big ,big two ,big four held in Shanghai ,90 years of red resources ,become the inexhaustible source of literary creation of film and television ,burberry pas cher.Now many areas are and their cultural resources ,how to make good use of Shanghai red tourism resource, become a workshop discussion of another hot topic ,sac longchamp pas cher.
Wang Liping said ,should create conditions, the television drama Shanghai brand louder ,and turned it into a nationwide arena ,air jordan. Set the national elite talent ,a departure from Shanghai and national influence ,louboutin,affect China destiny .
Wang Liping said , the creation of the world of Shanghai produced the TV series star ,Shanghai actor probably only played the role of Chen Duxiu Wang Shihuai ,director ,air jordan pas cher,screenwriter Hu Mei Shao Junlin and several young stars from all over the country ,abercrombie paris.
This shows that Shanghai ,Shanghai creation should have such atmosphere ,can set an industry resources ,let countrywide each elite in Shanghai on the stage singing loud . CPC Shanghai municipal Party committee propaganda department vice-minister Chen Dong,air jordan, TV drama the creation of the world part of the cast members attended yesterday seminar .
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