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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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The president named nine indigenous peoples who were decimated by the rubber-tapping project of Julio Cesar Arana, a controversial Peruvian entrepreneur and politician.

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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.

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Hot summer, heat wave curled .Love rain ,storms or gentle words ,or ,as long as the expulsion of the ball head ,are good .How I wish to have a dark ,passed overhead ,even if it is only a short stay, the look of love ,is enough to dampen the hearts of irritability and restlessness .
Yesterday,louboutin pas cher, the sky was a cloud ,it is like hearts long-awaited lover ,in my eyes the moment to lift ,to my window .I was so excited that I went straight to the direction ,even for a second ,I can .
When my foot is within a threshold ,all of a sudden, I couldn ,change the world .Only after rain ,wind ,rain rushing wind ,like blooming in the stormy waves of the sea ,,in an instant, drowned out of my sight .
Across time and space,supra shoes, I still saw the Tang Dynasty poet Qi Ji pen describes the scene ,&ldquo  ;its clouds ,thousands of rain to .Do washing red . Go on ,and the air return .&rdquo  ;sixteen simple words ,Wakaguro Oon rolled ink ,like nature itself -- highest quality .
At that moment, I seem to know why Su Dongpo will study called &ldquo  ;in &rdquo ,louboutin,vegetarian  ;come, he must be on a different feelings, so the order condition ,make it change in his poetry ,louboutin pas cher,we find a fully and delightfully pleasant sensation, perception to &ldquo  ;considerate three-shift rain last night ,have all in a day cool &rdquo  ;the content of .
Zhang Chaoyun  :it is ,can make the short day and night long ,can make .Listen to the rain, is a kind of taste, is a kind of mood ,is a kind of building environment ,is one kind of remain free spirit journey .
The world outside the window like a freehand Pomo landscapes ,just as &ldquo  ;thunder thousand peaks fall ,rain colors million Fenglai &rdquo  ;the lofty, watch the people be full of excitement .
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On the objective existence of the creation process, fusion of Buddhist &ldquo  ;physical heart ,environment created by the heart ,which is &rdquo  ;self feeling and attitude ,air jordan.This work can achieve ,or or odd longitudinal artistic effect ,beyond the outside entity .
Should knowing head, expressing the inner world will charm ,christian louboutin pas cher.Like rain ,because of its random ,as heart of the ink ,free water, not like .This is a lovely woman ,I think the rainy season is one of the most input affective season .
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Smart ink on the glass across, like mountains mountain ,like water ,full of sadness around the state, flow ,flow with … &hellip  ;elegant and strong complement each other ,allosteric a Ling Qi, Qiyun vivid ,more feeling disconcerted ,beautiful artistic conception against the glass ,imperceptibly penetration rain rain ,awaken ,christian louboutin,emotional ,aesthetic communication and resonance .
In appear wrong blurred the drunken sink ,I do not know when, the rain had stopped .Scanty curtain ,leaves, petals, the vines on the &hellip  ;&hellip  ;with water drops ,like dew ,like pearls ,in the leaf tip of fibrillation ,fibrillation with … &hellip  ;clear smile, floating posture, like singing ,dancing in the chant ,at & hellip  ;&hellip  ;it formed the halo almost make you could not open the eyes, in the watery world, the hearts of those star purple aura water droplets ,not a glimmer of dust marks ,a clarification .
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Editor, from 2010 October to November,louboutin pas cher, the platform column launched the popular culture issues, published 7 articles on what is discussed in the article ,popular culture ,louboutin pas cher,mass culture and mass culture ,popular culture difference ,the characteristics of the public culture ,how to enhance public cultural taste of fully discussion ,sac longchamp.
A few days ago, we received another Fan Yugang of Professor of Central Party school to write articles about popular culture ,in his article more clearly the popular culture mass ,form and in different context of this concept shows the complexity of the meaning expressed by the .
He thinks ,mass culture mass is the so-called successful ,such as the ideology of consumerism and nourished group with its desires and giant imagination in obtain economic advantages, vigorously in the culture ,aesthetic made legitimacy security strategy .
Popular culture in the popular coat ,but the true mass to exclude outside, turn a deaf ear to ,sac longchamp pas cher,this is the mass of the complexity of the concept .Since entering the new century ,the mass popular culture ,become Chinese metropolis in consumptive society characterization ,and brought many scramble for fashionable young man .
The strength of strong not only rewrite the cultural domain ,also to reconstruct the present cultural development pattern .How to understand the new culture form ,its exact meaning is what  ?It is usually understood by the masses culture ( the square culture ,community culture ,jordan pas cher,village culture ,popular culture )  ?This paper tries to make an analysis ,in short ,the public is popular also .
The present condition of mass and mass culture ,already from the secular rules and has its specific connotation and means .The so-called PopularCulture ( mass culture) is the popular secular sense of themasses (in the usual sense people or people ) ,it is not us for having heard it many times revolutionary discourse or revolutionary history narrative ,as the new Chinese master class on the significance of the people  ;also not in the traditional sense of the mainstream society exclusion of grassroots grassroots ,its exact referred to should be in the tide of market economy emerge from the specific consumer groups .
It can be said to be a consumption concept ,the concept of cultural studies ,christian louboutin.Since the late 90 ,the new popular meaning continuously get really refer to ,and with a strong social structure in a moderate income group consisting mainly of new rich rise .
Although the country as a whole, the rise of new middle class is quite limited,burberry, but in the present Chinese cities, the rise of a new middle class still account for a considerable proportion ,and has the very strong consumption power .
Here, don have the meaning of public as successful characterization ,not only has the economics more sociological ,cultural meaning ,.The group has appeared in the urban space in public and private life of various fields, in the consumerism ideology domination , new rich class was regarded as the idols in life ,and other sectors of society have a strong appeal ,louboutin.
From this point of view , the public the fact that there are a kind of value judgment means, an identity self characterization .Review of the different historical period ,different regions of the mass culture ,can be found in various researchers in the view of the meaning of public from its interest .
Frankfurt school such as Adorno and others in the field of vision, mass ( mass ) is a modern social organization and ideology will citizens non individualized ,unification of the results ,is a fixed constant ,elemental groups .
While the British Bermingham school absorbed the French Roland Bart ,Desai map et al idea, insisted that mass is not fixed, but also not just whole, it represents a value ,a relative position ,the so-called mass actually contains a variety of interests ,from specific political position and social contact form groups ,is a combination of Heteropoly heterogeneous relation ,so they use people instead of .
In the North American School of Fiske mass is a positive dynamic of the audience ,is a collective oppositional subjectivity and floating body .The mass culture of consumers can not control its production ,but can control its consumption ,abercrombie paris.
They can use some strategies ,from the dominant culture system to some local victory .In addition ,the public relations between extremely Heteropoly heterogeneity ,specific people who like or don who ,franklin marshall,and who benefits congruent or incongruent ,always in a state of instability, which the complex interweaving of interest is not opposition location ,which formed the main body mass flow .
The subject is not only related to flow and who is consistent, more concern and who fight .Therefore ,in the understanding of public , confrontation and not controlled meaning is the key ,jordan.
Visible ,along with the changes in the context of mass ,the concept of continuous flow -- curing -- flow again ,it is in this dynamic change is not centered ,the mass showed different context connotation complexity .
In the present market economy, the public is often defined as cultural consumer .The public identity redefinition of proof ,louboutin pas cher,strong market system is a profound transformation of all social relations .
The impact of the market to reconstruct the social structure of the territory, with the market highlights don mean new stratum face complex and diverse popular new regulation ,abercrombie,it is fashionable ,popular ,dynamic ,anonymous ,a real mean ,nomadic ,young ,also has some uncertainty has a main body consciousness of consumers, it is set to value the plane ,the incarnation and dynamic to pursue the fashion ,louboutin,it to the pursuit of leading the life of fashion and aesthetic fun for characterization ,air jordan,are shaped and are manufactured in the consumer awareness and video to verify their identity ,status and image .
In reality, by intellectuals ,artists ,culture media and market on the basis of reality and existence production ,but this kind of man-made production and manufacture and the reality is middle class self imagination and desire demand coincide .
At this point , naming is specific ,but not in particular to certain person ,its connotation and the popular culture interactive generation, pointing at a particular moment is subjected to a so-called popular culture ( consumerism ) innervation for evaluation scale .
That is to say ,in the sense of massmass culture with the production of the mutual ,christian louboutin pas cher,mutual reference value ,burberry pas cher.As long as the involvement of the mass cultural practices can be considered mass ,in the sense that it brought folk culture participants on the significance of the people ,and to some extent it into elegant culture elite level .
Thus ,in reality we see ,although the popularity of mass cultural consumption main body ( core ) is the rise of a new middle class ,but it also brought the so-called bottom elite and the people ,especially in the cultural activities ,it is a popular activity in the coat ,more become universal  ;at the same time ,because of the popular culture is strong, which makes the original enjoyment of popular masses culture activity, also borrow or misappropriated some popular culture strategy ,or even cause eye-catching sensation ,this makes originally homogeneous two cultural form is confused ,even in the unknown to the participants in the eyes of its boundaries are blurred .
While in his generation ,these two kinds of cultural activities are also has its proximity,air jordan pas cher, is the change in its role to play or popular context .For example ,the northeast person ,as the enjoyment of country cultural activities ,it is popular in the mass cultural activities ,louboutin,but as Zhao Benshan performing arts group brand culture into the Liu Laogen large stage ,after the commercial packaging and marketing ,into profitable cultural industry ,has become the fashion of popular culture .
The consumer will not sit on the Kang smoking people ,mostly big-spending new mass -- middle class ,with hundreds of thousands of yuan fare will cool to listen to a .Through this analysis ,we can understand the mass culture mass is the so-called successful ,such as the ideology of consumerism and nourished group with its desires and giant imagination in obtain economic advantages, vigorously in the culture ,aesthetic and have the legitimacy security strategy .
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"When it comes to present both sides of the negotiation process, Stern said: "anything we can not close.But anyway, we will close to some distance than before."As a result of a failure in June 30 stage NBA recently reached a new labor agreement, the capital owners since July 1st stalled labor player.

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"Liu Jian joined the army, he was wearing a new uniform go to see my grandfather, the old like a boot, seriously said to him: "to the troops, to obey orders, obey the command,air jordan, not before others, airs,louboutin pas cher, not when the 'Bingyouzi'.
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The morning of March 7th, Vice Minister of culture Ouyang Jian,louboutin, deputy director of the State Administration of radio Zhang Pimin, Liu Shijin of vice director of development research center of the State Council, China Banking Regulatory Commission Vice Chairman Cai Esheng at the Beijing International Hotel, in here at the CPPCC Committee members group discussion in literary and art circles,air jordan pas cher.
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"A member of the CPPCC National Committee,abercrombie, vice chairman of Anhui Province Artists Association Hou Lu speak out of turn.And she said, now show the fares are expensive, little criterion hundreds of yuan,jordan pas cher, get on 1000 yuan more, ordinary people despise.
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A member of the CPPCC National Committee, Chinese Musicians Association honorary president Wu Zuqiang pays close attention to cultural fund."This year's funding arrangements for why the cultural, sports, media 3 columns together,air jordan?But the proportion of nor.
"A member of the CPPCC National Committee, Shanghai city cultural radio and television management bureau Party committee assistant deputy secretary Ma Bomin said: "the museum built to exhibits, library built the needs of library, art gallery built need art, culture is not a simple construction of the venues problems, related investment should not be reduced, but also should be increased,abercrombie.
"A member of the CPPCC National Committee, Hengshui painting heritage Wang Xisan established 2003 in Hengshui painting exhibition, last year in Beijing and Shijiazhuang set up a branch,abercrombie paris.Wang Xisan suggested that the government in land use, such as tax increase on the private museum, Museum of fine arts support, so that the private museum to enjoy equal treatment with national museums.
A member of the CPPCC National Committee, Chinese Film Literature Society president Wang Xingdong suggested to protect the writer,sac longchamp pas cher, playwright and copyright.He said: "China is not short of international director and star, not lack of first-class theater, also do not lack of funds and the audience.
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Two hours in group discussions, Ouyang Jian. Listen carefully, do records.He said, the members present many problems are the Ministry of culture is being done or will do, for example to support private museum, continue to carry out the "high art into campus" activity, literary works and copyright protection.
Ministry of culture to promote the implementation of relevant policies, from the system guarantee the sustainable development of culture.On culture input,christian louboutin pas cher, Ouyang Jian said, the current investment in the field of education, culture and science and technology, health and other fields is compared, difference is very big still.
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