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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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      Chinese film aesthetics of the achievements and problems of the &nbsp  ;&nbsp  ;&nbsp  ;Chinese film aesthetics from the forward to the system construction ,the introduction of foreign theories resources have made great achievements ,franklin marshall,is a native scholars explore ,on the other hand is the reference from foreign countries ,the Chinese film aesthetics has begun to enter benign development course ,especially on film aesthetics subject awareness of the importance of logic system ,the respect such as the construction of achievement remarkable .
      But overall, is still in the initial stage of Chinese film aesthetics ,some prerequisite questions remain to be clarified .In view of this ,this article in the Chinese film aesthetics development foundation, focuses on the discipline foundation ,logic system ,definition, principles put forward their own views ,believes the film aesthetics is based on aesthetics, to the film aesthetic philosophy ,aesthetic psychology and aesthetic sociology analysis as the basic content of the principle, follow the ideal and the spirit of transcendence examines the philosophy of cinematic art subject .
      Chinese film aesthetics rheological Chinese film aesthetics construction and reform and opening up is basic and synchronous ,chaussure jordan,beginning in 1980 ,this year, Chinese aesthetics of film pioneer Zhong Dianfei organized a group of movie aesthetics activity ,with weekly focus discussion frequency activity to 1982 ,its achievement is published by Zhong chief editor two movies aesthetic essays: film Aesthetics: 1982 and 1984  :the aesthetics of film .
      Then ,around the film aesthetic concept and aesthetics of film and cinematography relationship problems ,some experts expressed a different view .China Art Research Institute researcher Zheng Xuelai in 1983 June published film aesthetics one book, the book mainly illustrates two points: one is from the aesthetics of film and film theory the difference and contact to define the aesthetics of film ,two are from the film aesthetics and aesthetic difference and contact to define the film aesthetics ,.
      He thinks ,and aesthetics , film aesthetics has its own characteristic .If say the aesthetic study of the relationship between art and reality and law ,film aesthetics is to study how to apply the movie art means familiar with and reflect the reality of law .
      Chinese Academy of Arts in 1986 Li Shaobai also believes that the aesthetics of film and cinematography is two have distinction to have connection again .Li Shaobai suggested  : from the movie art noumenon to consider ,should be set up to film art and film aesthetics ,burberry.
      This is the study of the film as art phenomenon the essential two discipline .They have relevance and difference . Lee on film aesthetics basic definition is  : to study film as an aesthetic object basic law  ;study of how film is yet to become aesthetic object  ? Li Shaobai to the movie art basic definition is  : studies of film art ,theory ,history and basic law .
      Lee also refers to the difference between the two  : as for cinematography and film aesthetics ,its main difference is that it has a distinct ,foundation and application .If the aesthetics of film and film arts practice relationship with high-level abstract nature ,so ,abercrombie,the movie art is rich in hierarchical color .
      It is the practice of art direct theoretical generalization ,is the application of theory and its foundation ,also including the early levels of creative experience summary . In this foundation ,louboutin,some film aesthetics of professional writing began to appear ,such as Li Youzheng Contemporary Western thought the film aesthetics ,Wang Zhimin film aesthetics analysis principle and aesthetics of film base ,is a typical , film aesthetics analysis principle has been in the movie aesthetics study systemic aspects of the efforts of intention .
      After entering the new century ,featured contemporary film 10 years of academic papers . contemporary film in Chinese film aesthetics  :1999 and contemporary film aesthetics anthology publication ,Peng Jixiang film aesthetics and Shi Keyang film aesthetics course come out, mark the film aesthetics started to enter the subject frame construction stage .
      And Chinese efforts to film aesthetics construction at the same time ,the foreign film aesthetics and film theory introduction and the introduction is also very fruitful for .From 1984 to 1988, China Film Association for 5 consecutive years to host summer workshops ,inviting foreign film scholars introduced the western contemporary film theory ,David Poe ,Janet Staiger ,B.
      Deweier Nichols ,Bbu Henderson ,abercrombie paris,Ann Kaplan et al. First later ,lectures ,related to the theme of western film theory and history of Contemporary film theory. from a certain number of problems a sociological perspective analysis of film language performance and development almost ten years of excellent film structure and style of narrative theory new movie history the image of women in contemporary Hollywood movies film theory and practice and so on .
      Around 1986 ,the Beijing Film Academy and held by American scholar Nick Brown ( western film theory and criticism ) ,Dudley Andrew ( hermeneutics film ) and other western scholars presided over the film theory lecture ,in our country thereby forming a comprehensive ,system and scale introduction of western humanism and film theory upsurge .
      Next is the introduction and reference of western film theory and cultural theory of translation ,introduction and research work .In theory monographs and essays ,Li Youzheng compiled the structuralism and semiotics -- film theory translation collection ,Li Hengji and Yang Yuanying to compile foreign film theory anthology ,China Film Press compiled film theory anthology ,ed.
      Zhang Hongjun . The film with the new method ,Shao Mujun and Zhou Chuanji all translation introduces many western film theory .American scholar Nick Brown film theory ,Dudley Andrew history of the major film theories and concepts in film theory has also published translations .
      In short ,since reforming and opening ,one is native scholars explore ,on the other hand is the reference from foreign countries ,the Chinese film aesthetics has begun to enter benign development course .
      Chinese film aesthetics accomplishment as described above ,after the native and abroad construction two aspects of development ,Chinese film aesthetics construction in at least some prerequisite questions the progress made ,for example on film aesthetics significance understanding has to agree on what is film aesthetics  ;although it remains difficult to define ,but different on film aesthetics in cinematography and film theory views are basic trend  ;at the time of carrying out the film aesthetics system construction at the same time ,some specific research questions in a breakthrough  ;especially worthy of mention is in the introduction to ,introduce western film aesthetics results at the same time,air jordan, the Chinese film aesthetics of arranging and absorbing also causes height to take seriously ,and there have been some notable achievements .
      Moreover, the main schools of Western Aesthetics in movies such as structuralism ,psychoanalysis ,semiotics ,narrative analysis ,ideology ,feminist criticism ,cultural criticism ,post modernism in the Chinese film aesthetics criticism practice were used, and through such a process of Chinese film studies ,for the film phenomenon understanding ,more comprehensive ,more solid ,more mature .
      It is in the basic achievements based on ,since the 90 ,Chinese film aesthetics into the system construction stage ,and the Chinese film aesthetics of 30 years of achievements are mainly embodied in this respect .
      One of Wang Zhimin aesthetics of film base in the film aesthetics ,Peng and the film aesthetics history Keyang tutorial can be regarded as the representative results . Aesthetics of film base Wang Zhimin is following the film aesthetics analysis principle after another movie aesthetics .
      Compared with previous books ,this book has two outstanding points ,one for the aesthetic principles ( also used in the film ) made a brief summary and the elaboration ,two is the basis of further put forward the main train of thought of aesthetics of film studies ,this is the aesthetics of film analysis system .
      If say film aesthetics analysis principle and some theory history concentration in a more loose framework characteristic words ,so aesthetics of film base is basically gets rid of the history of the theory of condensed traces ,has had the preliminary framework based on film aesthetics .
      Peng Jixiang film aesthetics in the foreign film aesthetics theory is briefly introduced ,in order to Film Aesthetics  :Theory and practice ,discusses the film and television culture characteristics ,aesthetic characteristics and aesthetic psychological characteristics ,on film aesthetics of some of the basic problem to make brief explanation .
      The book the biggest characteristic depends on Western Aesthetics of film absorption comparison system .The film aesthetics history Keyang tutorial is trying to build a relatively complete film aesthetic logic way ,air jordan,from the aesthetic understanding and aesthetic understanding, the film aesthetic system is divided into the film aesthetic philosophy of aesthetic psychology ,film studies and film aesthetic cultural studies three parts ,wherein the film discussion at the core ,it is the film aesthetics determine a meaning system and the target, and the other part of this goal from different angles of close, eventually settled on the shaping and personality development .
      Accordingly, film aesthetics should study film and television art activity which is a special aesthetic activities of the special laws, as well as the general aesthetic activity patterns in the film and television art in the field of special performance .
      From the analysis of the general aesthetic activities began, dissecting the film to reflect the objective world express subjective world special law ,and then explore the characteristics of aesthetic experience ,looking for film the essence of art ,the art of film aesthetic style and form .
      The core consists of two parts ,jordan,namely, the film ontology of art studies and cultural studies .Therefore ,the so-called film aesthetics, is to follow the aesthetic principles ,namely with ideal and the spirit of transcendence examination of film art ,from the aesthetic philosophy ,aesthetic culture and aesthetic psychology and other aspects ,the art of film are analyzed  ;at the same time ,it should be rooted in a broad analysis of traditional Chinese aesthetics and Western films in the view of aesthetics ,which is film aesthetics .
      the general framework .Chinese film aesthetics problems should be recognized ,film aesthetics is still at the beginning stage,christian louboutin pas cher, which solves the is still relatively macro some problems, such as film aesthetics discipline basis ,definition ,system ,and the only solution to these premise problem ,the construction of movie aesthetics may be have a definite object in view and very fruitful the .
      One ,film aesthetics must be Aesthetics ,this is the film aesthetics construction must adhere to the principle of the first ,the seemingly tautology statement actually there is not only the realistic pertinence and film aesthetics in the construction of the most difficult problems ,but also the film aesthetic discipline basis .
      From a technical level ,film aesthetics belongs to aesthetic branch or category of aesthetics ,on top of it at least Aesthetics ,louboutin,this is not due to any objection .In other words ,the movie art as an aesthetic object ,must be incorporated into the human value target system to examine ,to as to man promotion ,human ascension .
      The film aesthetics analysis ,it is based on the spirit of the aesthetic foundation, it must use the ideal light reflection film ,the film in the human spiritual life beyond dimension ,to examine its significance and value .
      The film aesthetics explanation ,is to use the spirit of aesthetics to watch movies ,in other words ,is to see the human ideal and the meaning of life is how the film obtained exhibit or achieve .
      Therefore ,the aesthetic spirit is the understanding of the film aesthetic premise .Secondly ,abercrombie,the film aesthetic problem definition ,is a popular point that as the film aesthetics ,with the adjacent disciplines apart .
      Because just as aesthetics and philosophy ,art theory ,ethics ,sociology ,psychology ,pedagogy in close contact with the subject ,air jordan pas cher,film aesthetics is entangled in many other disciplines, even once ( until now still exists) and film art ,film theory and so on be confused .
      Aesthetics of film and cinematography difference in summary, the former than the latter has a higher theoretical level and more abstract ,the deeper connotation of mining ,aesthetics on the movie and the human aesthetic activities regarding content ,with its aesthetic method ,with the spirit of the aesthetic view of movie art .
      While the movie art also has a more extensive and complex field of study ,it is the film as art phenomena under study as a discipline, it focuses on the film as art relates to issues of theory and practice ,is a branch of numerous film film composed of subject group in fall .
      Aesthetics of cinema and film theory difference is manifested in  :look from the history ,film theory is accompanied by a film and the emergence and development ,it is the history of movie aesthetics to long  ;from the research perspective, film aesthetics through the film art to a more in-depth study of human aesthetic consciousness ,study of human existence and poetic in movies in the expression ,as well as a film in the spiritual life of the position ,and the film theory research object is obvious to a much wider range of film study ,it also should be specific and detailed  ;seen from the subject property ,film aesthetics is philosophical ,and film theory of film study it focuses on the art of film itself particularity, practical stronger .
      Thirdly ,the film aesthetic logic system problems .As mentioned above ,the film aesthetics should be based on aesthetics ,aesthetics of film must be aesthetics .In this sense ,aesthetic logic way to directly regulate the film aesthetic style .
      In my opinion ,the object of aesthetics is the aesthetic activity ,aesthetic activity around ,can be roughly divided into the aesthetic activity to study and aesthetic activity study of two most outgoing .
      So ,a complete film aesthetics system should include at least  :1 Movie Ontology ( Aesthetics ) analysis .This is the movie philosophy of ,is the highest level of a metaphysical theory thinks ,say simply ,it mainly studies the art of is ,on the film art of primitive ,louboutin pas cher,original analysis .
      On the art of film nature ,is the theoretical basis of constructing the esthetics of film .It is the film aesthetics provides fundamental principles and methodology to guide ,to its understanding and solving ,abercrombie paris,affect directly on film and TV art knowledge and solve other problems .
      But it is itself with other disciplines theories and methods ,especially the philosophy theory and method ,it embodies the relation between philosophy and aesthetics of film .The content of this part should also include the movie art aesthetic characteristics analysis ,it is the art of film as a typical aesthetic activity ,analysis of the implication of the aesthetic meaning ,louboutin,it is the central issue of movie art characteristic ,it and other artistic distinction ,film art in spiritual life of human being etc.
      .The 2 film aesthetic psychology study .Psychology of aesthetics is the aesthetics and psychology between the edge discipline ,with similar or similar disciplines have psychological aesthetics ,literature psychology ,specific to the film aesthetic psychology ,sac longchamp,the main is to study film creators psychological activity factors and psychological activity process ,film audience aesthetic needs ,aesthetic features of mental activity ,is related to a psychology ,aesthetics and film edge subject ,christian louboutin,wherein the audience psychological research is the main content of .
      The 3 film aesthetic culture .The movie art aesthetic culture analysis of film and television art in the social background ,to study film art and social relations, film production ,contains the culture ,sac longchamp pas cher,is the essence of the art of film sociology study .
      Therefore ,the so-called film aesthetics, is to follow the aesthetic principles ,namely with ideal and the spirit of transcendence examination of film art ,from the aesthetic philosophy ,aesthetic culture and aesthetic psychology and other aspects ,the art of film are analyzed  ;at the same time ,it should be analysis rooted in the vast Chinese traditional aesthetics ,western movies in the view of aesthetics ,which is I understand the logic frame of film aesthetics .
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