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Revision as of 02:26, 9 December 2012

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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      A brief insight into the hottest men's fashion trends for 2012 to keep you turning heads and strutting your stuff.

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      Bright colours and summer blues are featured heavily in the summer / spring collections of all the major designers from 'Armani' to 'Dolce' and Gabbana' and a common theme is ever present. It seems this year the men's collections will no longer be limited to traditional colour schemes with burnt orange and vivid blues shining through. A contemporary twist to that 70s fashion is continuing to make a strong comeback and the colour scheme certainly seems to be putting the spotlight on the summer feel. Blue seems to be the colour for this year with a broad spectrum of shades splashing across the catwalk, adding a refreshing approach to all the top designers' collections. Coloured hawaiian style prints spliced with european styling had a popular showing,Coach Outlet, camouflage is also back but with a touch more styling that detaches the stigma with its modern stylings. The classic look does not seem to be in any hurry to leave the latest men's fashions for 2012 with skinny ties,, light brightly coloured scarfs and checkered and plaid sports coats showing prominently across the globe.

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      There is something to be said for being thought of as the best running shoes in the world. And, right now, Asics running shoes seem to hold this title. Asics stands by their name: 'anima sana in corpora sano' which means 'a sound mind in a sound body.'


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      The rule of fashion is that there are no rules. While others may dress one way, you do not have to follow them. Learn as much as you can about the subject, and then do what feels right Some tips that might work for you are in this article.

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      Support Different kinds of basketball player have their own different kinds of support that their feet needs. Power players require basketball shoes that have high tops for maximum ankle support and comfort. Mid-soled basketball shoes are for the all-around players types while low tops that are light weight and have no restrictions in the ankles are for the speedsters.

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      Comfort The main idea is to choose a pair of men's basketball shoes that will fit like a glove. Look for a shoe that will provide comfort and at the same time supports your need for the type of game you are playing

      Breathability You might not notice it but your feet will sweat. In order for your feet to remain cool buy a pair of men's basketball shoes that have uppers made up of leather, mesh, nylon or other breathable material.

      Style The pleasure in buying men's basketball shoes is looking for a pair that would look great on you,. Every man wants to look good on the court. Style is the key in making your basketball buddies envious. Having the right pair of basketball shoes is important in improving your game. If you want to do extremely well, don be so economical when it comes to your shoes. Having the right pair of basketball shoes also help you attain a top level play and prevents injury. Some basketball shoe manufacturer offer customization if you can not find a perfect basketball shoes.

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      The Louis Vuitton Carryall luggage bag is one of the products in the Monogram canvas family of Louis Vuitton products. Other quite similar bags in this family include the likes of the Keepall 55 bag, the Deauville and the Sac Chasse Bag; among others. While I confess to being an old-time fan of Louis bags, having used so many of the products from this label,, it is the Carryall - which I have only gotten to use quite recently - that I have been most enchanted with.

      As befits a 'luggage bag' Louis Vuitton Carryall is quite a huge bag. In terms of length, we are looking at about 16 inches, with the height towering at 11 inches and the bag's diameter being some 12 inches,. These dimensions make it a bag on which you can carry quite a bit of stuff; without the bag having to bulge too much and mess up with your image. The fact that it is based on the considerably sturdy monogram canvas makes Carryall even more suited for use a luggage bag,Coach Outlet.

      The color scheme on the Carryall is dark brown with cream crosses all over,Louis Vuitton UK; creating an impression of a checked outer covering. This color scheme also helps make Carryall a rather stylish looking (and classical) bag. The crosses are either 'standalone' in the brown background, or enclosed in circular or diagonal (parallelogram-shaped) 'casings.'

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      For a securing mechanism, Louis provides the users of the Louis Vuitton Carryall with a zipper mechanism. And as befits a true 'luggage' bag,Christian Louboutin, the zipper here ends, on the one side, with a provision for a padlock; so that you can actually secure the bag further with a padlock.

      For trimmings, Louis Vuitton has opted to use leather on the Carryall. This is the variety of leather that is referred to as being naturally oxidizing,Christian Louboutin Outlet. Such leather, thanks to this natural oxidation mechanism, only gets better with age (like wine),www.vlouisvuittonhandbagsuk.co.uk.

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      One of the top designers in terms of travel bags and leather goods is which is not only unique fashion but also with exquisite quality,www.vlouisvuittonhandbagsuk.co.uk. If one of your goals is to enhance your wardrobe then Louis Vuitton handbags are definitely a must-have. You can choose from several different varieties of bags, and the new up and coming season brings about great new designs from the manufacturer that you will love, no matter what your style,. This article goes into some information about the new arrivals, in addition to the best places to buy your new purse,. >


      handbags are classic in style, but the appearance is always changed somewhat in order to give you something fresh and new to select from for the season,Louis Vuitton UK. The Tivoli GM,Christian Louboutin Outlet, for instance, has the classic Louis Vuitton print,Coach Outlet, but is has a shape similar to a bowling bag, giving you extra room to store your items,Christian Louboutin. The purse also has base studs so that you can sit it on the floor or other flat surface without having to concern yourself about it tumbling over,Coach Factory Outlet.

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      Baseball caps are as American when the activity of baseball by itself, uncovered a good historical past that's got enjoyed a rather profound relation to the worlds of each sporting activities and style. Adjustable baseball caps was crowned the norm between baseball games, equally novice and specialized, during the 1980's. Any of these baseball caps are practically one size fits all, as they definitely experience an adjustable strap during the again.

      As soon as they have been to start with released, almost all these adjustable baseball caps have been containing pliable plastic adjustable straps. It likely,Coach Outlet, often seen one example of these more mature design baseball caps vehicle, and would be able to readily determine them by viewing the rectangular adjuster straps. These straps lie on spare on both within the back again within the cap, with either side using holes additionally, the other part using corresponding plastic tabs,www.vlouisvuittonhandbagsuk.co.uk. The circumference of caps is usually modified without trouble by switching the sheer number of plastic tabs that will be secured during the holes.

      The widespread implementation of adjustable baseball caps amongst baseball teams allowed many footing the associated fee to economies and time, for the reason that didn't have to distinctive get hats every staff member individually,Christian Louboutin. However, people in the serious and insignificant baseball leagues often implement personalized hats to allow for the best suit,Louis Vuitton UK. Yet, as minor and major league baseball people form a miniscule area of folks that use baseball caps, that many people tied to old fashioned hats did nothing to sluggish the influx most recent, more inexpensive, and many more universally wearable caps.

      Aside from the first plastic strapped adjustable baseball caps, now there are also more modern variations that straps resemble minor belts in the back of the cap. With these different kinds of caps, the straps are likely to be composed of identical substance that your remainder of the cap is fashioned from, stylish cotton, polyester, wool, or some mix thereof. The strap is in the suitable placement which includes a minor plastic or metal clasp that can be opened or closed without trouble, counting in effortless adjustment within the cap.

      As well as being applied by folks that in reality be in the match,, adjustable baseball caps have certainly develop into a fashion accessory in their own right. You want practically any shade possible,Christian Louboutin Outlet, which includes a many types of several debts, printing or customized sewn logos together with other footage making from every conceivable content,. More often than not, these caps widely-used as promotional instruments since that they will be somewhat low-priced to form and also since they are really infinitely customizable,Coach Factory Outlet. Besides that, most novelty outlets offer plenty of types of these hats, featuring many different slogans, sayings, footage and logos. They are really wearable by essentially virtually anyone, and truly up and running an innovative trend in women's sporty casual hair, as pony tails and braids are usually pulled via the gap higher than the adjustable strap and capable of hang down a back corner. He did this a giant improvement around having to both put on the head of hair bunched beneath cap or forgo the effective use of a person altogether. Related articles:

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      All over the world new fashion trends are getting generated by the fashion enthusiasts who believe in looking good by adopting their own unique methods and ways,www.vlouisvuittonhandbagsuk.co.uk. These new trends are sometimes even considered to be abstract and non-practical,Christian Louboutin Outlet. Since they may appear to be weird or are very uncomfortable to carry off,Coach Outlet. But no matter how much criticism they face they are hard to ignore and therefore these unique fashion statements gain instant popularity which quickly spreads like fire and soon people start following them all over the world.

      One such unique fashion trend or rather shoe style trend which has a very interesting history behind it are the British Creepers or the Brothel Creeper Shoes,Louis Vuitton UK. These shoes came into existence when soldiers used to wear them, in the times of World War II,Christian Louboutin. The soldiers who were posted in the deserts in North Africa used to wear shoes with really thick crepe soles in order to protect their feet from harsh conditions of that environment,. And when the war ended these soldiers returned to their homes along with these suede shoes with crepe soles and soon after they resumed wearing them in their daily lives as well.

      Many of these soldiers were spotted at the disreputable nightspots of London near Soho and Kings Cross with their rugged pair of shoes on and this is how the shoes got their name, 'Brothel Creepers',. In 1949 George Cox started developing the same style of shoes under the name of 'Hamilton'. In the fifties the Teddy Boys adopted the style but it was Malcolm McLaren who popularized the shoe style when he started selling the Creeper Shoes from his shop in London which was known as 'Let it Rock',Coach Factory Outlet.

      The shop used to appeal the Rock Music lovers of those generations and in no time the Rock enthusiasts adopted the shoe style and included it in their Rock fashion. From that time up till now the Brothel Creeper Shoes are one of the favorite footwear options among the followers of Rock Culture all over the globe. The most popular fashion brands that are known for their excellent quality Creeper Shoes include names like the British Boot Company which was formerly known as 'Holts', also the Underground England Shoes Company is making Creepers Shoes from the last twenty five years.

      Apart from these two shoe companies there are many other shoe brands as well which manufacture these styles of shoes which are iconic and magnificent because of their history and a large number of followers. You can also buy the Creeper Shoes from online shoe stores. Many shoe stores online also offer valuable deals and discounts on this particular shoe style's collections. Also if the classic rugged looking Creeper Shoes are a little too much for you to carry off, you can opt for slight contemporary variations of the classics. Buckled up versions of Creeper Shoes are also available in the markets. The exceptional style and texture of these shoes enables you to create your own bold style statement. Related articles:

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