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From Mylegokingdom
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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what children do not eat, drink a slobber puke.” Joe said, because too thirsty, small Hanhan bite dipped in water cotton held, parents was not the taste.“ my daughter, son-in-law are the only child in the family, a family of 6 adults on nursing a baby, never thought in the noses of the accident.
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Since then, QQ never see you shining portrait, now only can touch you only good mood website.I know, I published an article you will put it to download it and print it out,mercurial pas cher, as a souvenir, and you will be for me to write articles published reviews, message.
To be loved, I was happy, but I can't let this ought to belong to own happiness is long, I don't have the courage to say I love you, but you dare not promise love.Now,louboutin pas cher, I can only in the distant place I wish you happiness,louboutin, hope you can love me as before love you love the future as his life,air jordan pas cher.
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A quarter, the SSE Composite Index rose 19%, but the stock deductive strength pattern of differentiation, for example, in the first quarter down not up.Combing the market performance, the most popular of the central enterprises listed as a whole plate itself, for example in January 29th, membership ((,)) industrial group, announced the issuance of 400000000 shares, the ship group core business products for civilian use of holistic listing,.
After the stock to resume trading,air jordan pas cher, Hudong heavy machine 9 trading days, shares soared 106%.Affected by this, have listed the overall expected stock such as,,,, etc., are staged a strong upside, market has become the most beautiful scenery line.
This is the flower briefly as the broad-leaved epiphyllum blind speculation, there are reasonable expectations, get excess return active asset allocation?In fact, as early as in 2006 December, the SASAC issued the "about promoting the adjustment of state-owned capital and state-owned enterprise restructuring guidance notice", made it clear that "will actively promote the conditions of the central Enterprise Inc listed on the overall restructuring or main business listing as a whole; encourage has no overall listing of central enterprises to excellent condition, main business assets gradually into the listing Corporation, do actor strong listing Corporation",jordan pas cher.
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For investors, as the 1998 reorganization of assets to provide historical investment opportunities.To the east of heavy machine as an example, through the overall market, the net assets of the company from 1200000000 yuan to 13200000000 yuan; net profit from 250000000 yuan to 1500000000 yuan; Hudong, crane announced in March 28th January 1, 2007,air jordan, assuming assets transaction has been completed, this year is expected earnings per share profit 3,air jordan 6.
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Then the overall with the subjects listed company stock can be placed in the class?I think the subject category of investment products rise in the market as a whole, the fact that PE is basic and reasonable (for example, the Shanghai and Shenzhen 300 dynamic PE approximately 26 times), and the peripheral stock market (such as Hongkong state-owend enterprise static PE approximately 20 times) compare already no longer is the value of depressions in the background, having foresight are digging out the reasonable valuation of the static, but dynamic growth investment objectives.
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Day know from when to rise, mugwort leaf and room forges the indissoluble bound, he is rarely or never gets online.These days he on the Internet as if possessed.Idle, he hurriedly toward the room, everyone was wondering, just ask "how!And to the internet!"He is always high school students in or check out something like it off to.
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Journal of Bayannaoer news (reporter Zhang Junfei Han Jianwei correspondent Liu Suolin) eleven twenty-six on February 4th,lancel pas cher, Bayannaoer City,lancel, Dengkou county fire brigade received a report said,sac longchamp pas cher, Nalin tohoi farm shop fire,supra shoes.
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The police introduced, Gon Freecss bound woods near many dogs, late night temperature is low, Gon Freecss not escape in time, it may happen. In the Gon Freecss leading the way, the police will soon two suspects arrested.
