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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."
A year later he wa
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Culture industry prosperity means including advertising, television and other media industry to the prosperity of Wen Guang plate with active reporter Yan Limei reports: Chinese Communist Party's seventeen sessions of six CCP plenary conferences in October 15th and is held 18 days in Beijing, "the Central Committee of the CCP about deepening the reform of the cultural system to promote socialist cultural development and prosperity, certain major issue decision" (hereinafter referred to as: "decision") will be considered,abercrombie.
It is reported, this is the 17th National Congress of the CPC Central Committee since 2007, will be the first "cultural proposition" as the session topics,louboutin pas cher.This week the Shanghai stock market, Chinese broadcasting media plate overall performance excited, part of the stock price high, clinch a deal active.
According to Peking University Cultural Industry Research Institute Vice President, national culture industry innovation and development base of vice director Professor Chen Shaofeng analysis, "decision" are likely to be in the spirit guide, system reform, policy measures and other aspects to make important arrangement,abercrombie paris; the reform of the cultural management system will be mentioned and the reform of political system, economic system reform and the equally important position "decision",louboutin pas cher; or from political height determination of culture power strategy, possibly the first mention of the "socialist cultural power" for the target, deploy "culture to rejuvenate the nation" the strategy; in addition, "decision" is likely to support the cultural industry policy of Finance and taxation.
Chen Shaofeng thinks, the next stage, China's cultural development will enter the classification,jordan, hierarchical comprehensive reform period, central will pay more attention to the reform of the cultural system efficiency,louboutin, the new cultural development pattern has been formed,chaussure jordan.
From September and October the first trading week's disk, the favorable policies of Chinese broadcasting media, the Shanghai and Shenzhen stock markets have reaction plate.According to statistics, in September in Shanghai and Shenzhen 300 index dropped 9.
32%, Shen million media index fell 8.7%, in decline at the plate less,franklin marshall.After a long vacation, the market was xianyihouyang trend,air jordan pas cher, while Wen Guang media plate outperform the overall performance,sac longchamp, part of the stock before the holiday is the first to stabilize,.
Last week, only 29 media stocks, there are 25 stocks or weeks to outperform Shanghai Composite Index, among them,jordan pas cher, 10 stocks rose more than 10% weeks, or top ranked as the media (600088) or more than 30% (see table).
Two plate benefit system reform of Dongxing securities analyst Wang Yuquan in his latest release of industry research report pointed out that, at present, the culture of enterprise administrative division,air jordan, it is to restrict our country state-owned cultural enterprises bigger and stronger is the most important restrict,louboutin, publishing and wired network plate is to break administrative division the benefit of the two plates,burberry.
Wang Yuquan analysis, from the publishing industry,christian louboutin pas cher, because had completed the integration, while the local propaganda significance than radio and newspapers, most likely to achieve powerful combination.
The unlisted companies and listing Corporation, if the combination mining materials Jiaofu potential,christian louboutin, backward area textbooks teaching still has 100% growth space,burberry pas cher.From the cable network integration time, uncertainty exists.
In 2010 a provincial network failed to achieve and national radio and television network company delayed listing, the urgent need of policy to further promote the cable network in silence.National Radio and television network company when listing, will be wired network this year and important thing.
The listing was probably as a catalyst, to promote further integration of local cable network company.Wang Yuquan still analysis pointed out that, regardless of how wonderful creative cultural industry,abercrombie paris, eventually need to accept the market to examine,louboutin, and derive income.
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.. Original letter follows :you are my future standing in the corridors of time ,I simply leaning on the wall .With you wave goodbye moment, suddenly burst into tears .Although ,I used to be so strong, however ,crazy for you ,my tears flow down ,and when this is the happy tears .
Lit a cigarette in hand ,smoke ,I can see you clearly figure and enchanting face .The ( I love you baby, now ,please allow me to call you like this ,OK ?) And, yes, I am thinking of you ,in front of you ,I have thoroughly been conquered by you ,now I discovered ,I elaborate love is so cannot withstand a single blow .
However ,this time I am be most willing to ,just for you .The ,you really never know ,how much I reluctantly the smoke so soon dissipated ah ,because ,this lost more than just you ,is I to your infinite love .
You said ,I am God gave you the best new year gift .But ,you know, before I met you ,I really don ,he loves a person really can achieve what degree ,now I know ,love really may let the human change even .
The ,you know ,every day I am pillow on the missing to you sleep ?Sometimes ,to wake up in the morning and occasionally see the unsent messages in hand ,these ,you know ?To tell the truth ,come to a new place ,is not like before status ,loneliness and solitude every hour and moment in the invasion of my day ,you ,see you and talk with you on a few will gradually become my compulsory homework every day ,if you are a teacher, I really want to do your students ,so that we can see each other every day ,is it,mercurial pas cher? Strange to say ,have you beside me ,mood will be rather baffling to get better ,if not feel your mood ,feeling very frustrated .
Love is a wonderful thing, want to also do not understand ,may be just a kind of feeling ,this feeling has nothing to do with you all ,because I have feelings for you ,but what you might all have a relationship, you all -- one ,temperament character ,talent ,together just attracted me .
Despite all the talk about love ,talk about a few thousand years, this topic is still alive ,but what is love ?My experience is :when I hold you ,when I hold your hand when, heart joy .
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It is this conceit ,so I never feel not good enough for anyone, but since you know, in my eyes you are so excellent ,good sometimes let me feel inferior ,so I am never lack of self-confidence, worried that you will be robbed by others ( which is why you always say my love because of it ) ,is also from your body ,let me see you want to pursue the things so much ,burberry,so my future with new goals .
The joke ,not afraid of you ,yesterday I dreamed of you .You still keep the consistent crouched sleeping habits, a sleeping very innocent and lovely woman .Someone says ,when going to bed if the body is always arched ,so is this people lack a sense of security ,however, the ah ,is not I in you ,don myth nightmare will not patronize you love ?Then ,please let my hands folded in front of your chest ,let my heart beats with you a sound sleep .
Feeling the warm sunshine ,louboutin,constantly flying catkins told me ,spring is coming .You said ,air jordan 6,I accompany you to walk in the country ,a Yun ah ,not that I don ,I really can not ah .Now I can do only in your night outing back ,carefully wipe away all of your body tired and dust ,Shuxin to see your beautiful sleeping position ,and all these can only rely on the thoughts to quietly look, huangruogeshi .
A Yun: Oh ,my dear ( how can I call you ?) , I have been trying to tell you not to give up now possess anything ,in fact ,not to say what you have right now is all you want, but at least I can not give you ,too, including your future ,you will regret you today to pay everything ( you see is it right? I was not responsible ?) .
But now ,I want to tell you is ,that give up or give up,air jordan pas cher, your future here .I believe ,I will strive to work together with you for my whole life,burberry pas cher, give you this present life spend happiness ,let you 100 years later recalled this ,thankful for your decision ,because ,along the way ,I am here with you .
The ,in order to you ,I am willing to do it ,because ,you are my future .Reply to :my future belongs to you love knocking on the keyboard ,like strings played the perfect music ,at the fingertips of beating, quietly passed to you, my heart can not say there is a pleasure .
I love you and chat together feeling ,chat with you is a kind of enjoyment, every talk ,your sense of humor that I feel especially beautiful ,and you will have hope ,no worries ,the mood is cheerful .
Have you ,in this silent night ,I no longer depressed ,the light of joy to my lonely night dawn breaking .Yeah ,moncler sito ufficiale!Every day is unable to resist the heartbeat ,every heart there is extremely reluctant, waved again and again ,always and unable to part from .
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Do you know ?Because of love we hold this unrequited love .Unwilling to give up your love ,this is my long look ,cannot retain your love ,that is her hurt ,hurt heart ,a blank,louboutin pas cher, how to face this belated love .
In the pain feel taste this belated love ,I and you miss the time ,we did not miss each other .Do you know ?Knowing that there will be no ending ,air jordan,you still dream in my memory, I know it is impossible ,I do not know why still so mad .
Do you know ?Can you and I am very happy, and you can know each other I am content, can meet not meet, but can feel in the distant miss you ,I really very happy ,.Is it right? My fate ,I will meet .
Since met until now ,regard you as my friend ,trouble when you are together, I a changed man ,every word you say I believe ,your every story I have seriously, even if you are intentionally to comfort me ,my heart will be drunk ,imperceptibly to you feeling, already know how deep, the world seems only you are the most people who care .
If a chance is God arranged for us to encounter the beauty ,you silently watching eyes ,is God gave me the most rich and generous gift .You are like the sun ,warm my cold heart ,exudes a fragrant flowers, disperse I was confused, I finally believe ,you are my new power .
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I think we can step by step to discuss specific operational problems .
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When I first came to Wenzhou ,due to the pressures of life ,usually in addition to normal work ,weekend I will go outside lessons .Remember a weekend morning ,I hurried to the metro .Although it is not very far ,but the road to turn two cars ,early in the morning to toss a many hour ,also some .
After getting off to buy breakfast ,look around and found no sell breakfast shop, have a look from the class time ,only 10 minutes ,I look around at a loss, have no choice but to go towards the training center .
Just get to the corner ,see a sell breakfast stalls ,I like a beggar found a piece of bread as surprise ,ran past, immediately bought a piece of bean curd ,ate to walk to school .My heart was full of gratitude :the roadside booth is good !Convenient .
One semester down ,almost every weekend to go to class I in the stalls of premature .For a long time, people have done .The owner is a fifty on older sister-in-law ,in your face ,air jordan,quick ,warm and .
All the way to see me ,always active greeting , come ,what to eat today ? In fact ,don ask her know that I love to eat bean curd .Because of her breakfast did not have much variety ,glutinous rice ,sticky ,I rarely eat ;tofu brain ,boiling hot, need to drink slowly ,I have no time ;deep-fried dough sticks and the like, greasy ,I don like .
Speaking of the hull ,may be a hometown flavor ,alien ,eat the hometown of snacks ,was particularly cordial .My hometown, every winter when slack season, each and every family will hot bean curd .
Put beans ground into a slurry ,and then mixed with some gray surface ,such as rice ,moncler,tune into a paste ,then a spoon spoon into the pan,mercurial, bake ,bake it into a thin edge of the round ,a few minutes to cook a .
Then it is cut into filaments, laundry dry storage .Later want to eat when, as in the following article as convenient .If you eat fresh skins ,leather wiping some of egg yolk oil ,both sides of a fried ,intermediate roll some pickles ,ensure the fragrant and delicious ,eat also want to eat .
Of course ,this stall hull ,this is a fresh approach ,but the middle volume not pickled cabbage ,mercurial pas cher,some vegetables chopped green onion and so on, just out of the pot tofu delicious ,the color yellow and thin ,taste really good .
The price is not expensive, two yuan a ,cheap affordable .Each week for a time ,I have been very satisfied .It was a winter morning ,overcast ,there were few pedestrians on the road ,the wind blows to the face like pinprick pain ,mouth breath in the gas into a cloud of white smoke, gloved fingers were frozen stiff .
It was so cold ,I think it a sister-in-law won breakfast !The bend, the howling winds ,she remained in operation there .See me walking,burberry pas cher, smilingly greeted me, it seems no old business is busy ,a lot of .
I don is it right? Hungry ,than to buy a piece of .Eating the hot belly ,warm in heart and the .Pay, but have no change ,moncler sito ufficiale,pulled out a $one hundred to find her ,she awkwardly towards me smiled and said : do not find ,next to it ,louboutin! Her limpid eyes ,full of trust in me .
how can i ! At this time, awkward person is me ,just feel hot ,cold wind blowing to face more pain .People of small business ,had no money ,owe a debt, I really feel sorry .Hesitated for a moment ,feel shy to say to her : well ,louboutin pas cher,next to .
The next Sunday ,sun kissed the earth ,warm weather a lot .Corner ,stalls before full of people, I want the Yuba ,deliberately pulled out a $10 delivery of the past ,and turned to walk away ,pretending not to hear her scream .
Thought, is a token of their own ,grateful to her for a copy of my trust !After the lecture ,he put the winter .Therefore ,at the end of the year there is no past .Second years of spring semester ,go to classes there ,sister-in-law away to greet me ,blame the ground says: this man !How careless ,bought last year Yuba throw money to go .
Oh. Is ? I not to regard it as right .Why not ?You buy the Yuba ,pay ten yuan of money, I have no money ? Little things ,but also in mind !Don look for ah ,I owe you ,louboutin pas cher. so much ! She said, he gave me four yuan .
Forget it !Forget it !I quickly waved . ?Human is a human ,a bargain is a bargain . Well ,well ,just when I eat today skins ! Make me feel shy . ,listen to me say - sister-in-law seems annoyed .
I am at a loss ,air jordan,very embarrassed to stretch out a hand . Today hull not money .Tomorrow I will be back, thank you for half a year to the care given to me ! Go home ?Have the Spring Festival did not go home ,mercurial vapor pas cher? I have little doubt .
Yeah !It is not intended to go back, go back to spend some money ,save the province ,the University on the child is in need of money ... ... Also ,in the work is not easy to make money .
But ,my mother at the end of last year is ill ,no one to take care of, expecting every day I get home , with a towel on the corner of the eye wiped ,orbital tinged with a slight blush .
I saw an old mother to daughter home early eyes ,pitiful world parents heart . You ,why didn earlier ... ... Suddenly feel throat is choked ,heart like a spring breeze ripples through the lake ,was a circle of ripples .
Oh. I suddenly wake up ,the original sister-in-law is pinched day looking forward to an early return home ,only to return my money in this four ,but one .I ,I never thought a little of his own kind ,to delay return ,he becomes a kind of hurt, heart full of guilt .
Bean curd well, eat it while it is hot ! I took the Yuba ,hot .This is where the skins ,is clearly a good simple heart .I am a bite ,and her eyes from tears swallow ,warm ,like a ray of sunshine ,always warm to the heart .
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On July 10th, Chinese President Meng Feixuan told reporters the Fiat ,Fiat and GAC has entered a joint venture and technology cooperation .The sparks of the introduction of technology - little Zheng Yiran remembered ,in 2007 May day ,its passenger car project group was formed, the group announced a 6800000000 yuan investment in the construction of passenger car project .
The Guangzhou city is eleven &ldquo ;five &rdquo ;one of the large industrial projects ,air jordan,city leaders have personally instructed .2007 is &ldquo &rdquo ;independent innovation ;as a basic national policy third years ,sac longchamp pas cher,around &ldquo &rdquo ;independent innovation ;publicity and entered a new stage ,together with the relevant departments of the state to the independent R & D and independent brands have a certain support ,weathy GAC decided to build the car brand ,for the 2010 Asian Games gift .
From the Guangfeng - from the joint venture ,harvest ,Zheng said ,,on 2006, its profit in all of the country automotive group was among the first .The first &rdquo &ldquo ;profit ;the title lasted up to now, its also got rid of the first joint venture in the shadows .
On 1998, painful - off the French Peugeot Peugeot disintegration ,Guangzhou .In 2007 June, steam passenger car project site in Guangzhou city Panyu District Hualong zhen .According to the plan ,the project covers an area of nearly 1200000 square meters ,louboutin,the plant investment budget 3800000000 yuan ,began construction in May 2008 ,2010 put into production ,annual production capacity of 100000 units ,100000 engines taiwan .
However, chassis and engine technology from why and come ?Their own development, and integrated innovation ?The integrated innovation of become a common practice ,abercrombie paris,GAC also chose this way .
It is this choice ,let the GAC and Fiat two strangers meet .Disclose according to insider ,in a consulting company 2007 September - find Fiat ,seeking to technology and the core components of the introduction of cooperation .
The Fiat is in serious anxiety in &mdash ;&mdash ,louboutin pas cher;although the memorandum of understanding signed with Chery ,but the negotiations is very difficult ;and NAC is to discuss how to break up peacefully .
On December 26, 2007, Fiat and NAC &ldquo &rdquo ;divorce ;,under great pressure after two days and two nights ,Feixuan did not leave the office .GAC door ,let rediscover giants dignity .
&ldquo ;the introduction of technology to discuss out quickly ,the first cut is the engine technology .&rdquo ;there are sources, its next homebred car engine is Fiat technology .In July 10th, Meng Feixuan recalls ,its financial strength and management experience impressed him .
Fall in love with the platform of purchasing a good first impression for future development has laid a solid foundation ,burberry.In the implementation of technical cooperation ,abercrombie and fitch paris,exchange of technical personnel and GAC and fiat .
In 2008 March,sac longchamp, steam passenger location of project environmental impact assessment by the State Department of environmental protection approved .In 2008 May, passenger car engine plant construction project to start work .
This month, precipitated a half feelings rapid fermentation ,form put it down in black and white .Soon after ,GAC and Fiat will sign a series of technical cooperation agreement ,both sides signed a strategic cooperation partners .
Technical cooperation is no longer limited to the engine ,also extends to the vehicle development technology ,modeling ,vehicle technology ,and even help GAC in Italy looking for partners .
The relations between the two sides gradually entering blissful circumstances ,develop to a new stage .In 2008 June,louboutin, steam passenger car project obtains national hair to change appoint approval ,the NDRC inspection covers vehicle production capacity ,engine production capacity and research and development capabilities ,access to Fiat support engine technology and R & D capacity upgrading of clear ,easy to cross the NDRC threshold .
In 2008 August, that the time is ripe ,Fiat linea ,through the introduction of three imported cars opportunity ,is disclosed - Technical Cooperation in the major news ,and &ldquo ,burberry soldes;does not exclude the next capital cooperation possibilities of &rdquo ;,leaving sufficient imaginary space .
As the exit of Nanjing Fiat after the first big move to Chinese consumers ,Fiat announced big returns ,this time ,GAC is a powerful support .Facts prove that ,abercrombie,this is to retain the dealer confidence good game ,many dealers at Fiat GAC joint-stock foreground to stay .
In fact ,the unknown is disclosed ,in a Fiat high-profile technical cooperation at the same time ,its headquarters to Fiat bought Alpha Romeo 166 four door sedan platform .This extremely low-key ,GAC has not admitted .
In 2007 February, 166 Alpha Romeo has been in Italy production ,the platform has a vertical replacement ,louboutin aps cher.However ,the GAC ,the platform is extremely useful ,GAC has hired Turin design consulting company StileBertone GAC 166 platform based on car modeling design, Turin ComauEngineering is responsible for the new project and development work .
Canton in August next year to mass production car with 166 platform ,the future - the other models will also be on this platform was born .If a comprehensive joint venture after this ,put forward to establish a joint venture company Fiat car .
&ldquo ;GAC has not formed third joint venture ,but see Fiat in less than 5 years of profitability of strength, change your mind ,.Meng Feixuan said the &rdquo .August Fiat imported cars introduced soon, both sides to form a joint venture negotiation team ,its one side by manager Jiang Ping led a party ,Fiat Fiat chief representative of China Meng Feixuan and Arpellino were involved .
&ldquo ;Jiang Ping and I almost every week to meet, every time he told Guangzhou Peugeot could fail ,abercrombie,I also talk about Nanjing Fiat could fail ,&rdquo ;Al PAOLINO down himself, &ldquo ;we all have had the defeat lesson ,so is in constant reflection and summary .
&rdquo ;the Italians Meng Feixuan said he agreed with GAC common advantages are :both sides to have a similar failure ,but also from deficiencies in learning how to strive for further improvement attitude .
At the beginning of this year ,Fiat suspension of negotiations with Chery, with Guangzhou automobile joint venture negotiations instead of speed ,in March this year, both sides will be a joint venture to submit their application development and Reform Commission ,Ministry of industry and commerce .
The same month, Ceng Qinghong of general manager of its foreign recognition of the potential for joint venture .However ,in May the situation changes, GAC recombinant Changfeng procurable ,as promised ,the Fiat joint venture project transfer to changsha .
The same day ,its acquisition of Hang Weike 1/3 shares ,by the end of next year ,abercrombie france,the company will produce double clutch transmission ,supra shoes.July 6th - a senior Chinese ,follow a delegation to Italy ,which witnessed the leaders of the two countries signed a joint venture agreement with Fiat ,the first car is being developed by a new generation of 1.
4T linea ,franklin marshall.At present, the project has yet to receive final approval of the project ,but Meng Feixuan said ,if not that ,is pretty close .Notable is ,this is the government over the past three years approved only one passenger car joint venture project .
Fiat expresses ,prospective both sides will cooperate in two lines ,abercrombie,in addition to the joint venture company ,Fiat will continue to provide technical support and parts for gac .( this article
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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 was to tell me, with a wonderful sparkle in his eye
