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The banking industry has described its agreement with Greece to cut its debts as "unprecedented".
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Eurozone finance ministers have agreed a second bailout for Greece after marathon talks in Brussels.
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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.
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Greece is to receive loans worth more than 130bn euros (�110bn; $170bn).
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Including the reduced interest rate, the losses to the banking industry are more than 70%.
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In return, Greece will undertake to reduce its debts to 120.5% of its GDP by 2020 and accept an "enhanced and permanent" presence of EU monitors to oversee economic management.
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For some of Europe's biggest banks, that means heavy losses.
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Greece needs the funds to avoid bankruptcy on 20 March, when maturing loans must be repaid.
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"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.
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After five straight years of recession, Greece's debt currently amounts to more than 160% of its Gross Domestic Product.
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Continue reading the main story
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�Start Quote
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    In the long and tawdry history of governments borrowing more than they can afford, this represents a remarkably huge, unprecedented write-off�
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The euro immediately rose on reports of the deal, which was announced early on Tuesday, after 13 hours of talks.
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Repayment takes priority
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image of Robert Peston Robert Peston Business editor, BBC News
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The deal also means that private holders of Greek debt will take losses of 53.5% on the value of their bonds.
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    More from Robert
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When all the elements of the exchange are accounted for, the loss to investors is expected to be as much as 70%.
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It is perhaps no great surprise that Greek banks are the most exposed to Greek debt.
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Eurozone leaders and the IMF said in October that Greek debt should be reduced to a more sustainable level of 120% of GDP by 2020.
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Continue reading the main story
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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).
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Analysis
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image of Mark Lowen Mark Lowen BBC News, Athens
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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.
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Outside Greece, French and German banks hold the most Greek debt.
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The last bailout?
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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.
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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.
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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.
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This is in effect uncharted territory for the eurozone - a managed Greek default, with over 50% of the country's private debt being written off. This was not even being considered as an option several months ago.
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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.
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But the Greek people will be sceptical about this bailout. The deal that has been agreed will mean more austerity and spending cuts, and even more pain for Greeks. Many will be concerned that the new measures will kill off prospects of growth and lock the country into a spiral of recession.
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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.
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Greeks say that the country's middle classes who have worked hard and pay their taxes are, unfairly, bearing the brunt of a crisis they did not create. They feel Greece's notorious corrupt politicans and wealthy Greeks who evaded tax are to blame.
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It is thought some will refuse to sign up to the bailout deal and hope to be repaid in full.
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The deal provides for the presence of EU monitors of Greece's economic management as some members doubt Greece's commitment to its spending pledges.
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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.
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Within the next two months, Greece will also have to pass legislation giving priority to debt repayments over the funding of government services.
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"The debt sustainability analysis is much worse than people were expecting," said Laurent Fransolet, head of fixed-income strategy research at Barclays Capital.
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== nike heels for women x6Hk3Jm ==
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"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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Current revision as of 03:45, 18 March 2013

Eurozone finance ministers have agreed a second bailout for Greece after marathon talks in Brussels.

Greece is to receive loans worth more than 130bn euros (�110bn; $170bn).

In return, Greece will undertake to reduce its debts to 120.5% of its GDP by 2020 and accept an "enhanced and permanent" presence of EU monitors to oversee economic management.

Greece needs the funds to avoid bankruptcy on 20 March, when maturing loans must be repaid.

After five straight years of recession, Greece's debt currently amounts to more than 160% of its Gross Domestic Product.

The euro immediately rose on reports of the deal, which was announced early on Tuesday, after 13 hours of talks. Repayment takes priority

The deal also means that private holders of Greek debt will take losses of 53.5% on the value of their bonds.

When all the elements of the exchange are accounted for, the loss to investors is expected to be as much as 70%.

Eurozone leaders and the IMF said in October that Greek debt should be reduced to a more sustainable level of 120% of GDP by 2020. Continue reading the main story Analysis image of Mark Lowen Mark Lowen BBC News, Athens

This is in effect uncharted territory for the eurozone - a managed Greek default, with over 50% of the country's private debt being written off. This was not even being considered as an option several months ago.

But the Greek people will be sceptical about this bailout. The deal that has been agreed will mean more austerity and spending cuts, and even more pain for Greeks. Many will be concerned that the new measures will kill off prospects of growth and lock the country into a spiral of recession.

Greeks say that the country's middle classes who have worked hard and pay their taxes are, unfairly, bearing the brunt of a crisis they did not create. They feel Greece's notorious corrupt politicans and wealthy Greeks who evaded tax are to blame.

The deal provides for the presence of EU monitors of Greece's economic management as some members doubt Greece's commitment to its spending pledges.

Within the next two months, Greece will also have to pass legislation giving priority to debt repayments over the funding of government services.

[edit] nike heels for women x6Hk3Jm

rling's Night Gallery" entitled "The Flip-Side of Satan nike heels for women."

Laugh-In

Johnson is best known for his work on Rowan Martin's Laugh-In, an American television series (1967-1973), on which he played various characters including "Wolfgang", a smoking World War II German soldier scouting the show from behind a bush (still fighting the war) invariably commenting on the preceding sketch with the catchphrase "Very interesting." followed by either a comic observation or misinterpretation, or simply "but stupid!" Johnson indicated later that the phrase came from Desperate Journey, a 1942 World War II film with Errol Flynn and Ronald Reagan playing Royal Air Force pilots shot down in Nazi Germany; they managed to cross much of the country without speaking German or knowing the territory but jordan high heels, when captured, their Nazi interrogator doubts their story with the phrase.†[2] Johnson reprised the role while voicing the Nazi-inspired character Virman Vunderbarr on an episode of Justice League Unlimited.[3]

His other iconic Laugh-In character was "Tyrone F. Horneigh" (the last name pronounced "horn-eye" - a "clean" variant of the vulgar term "horny"), the white-haired, trenchcoat-wearing "dirty old man" who repeatedly sought to seduce "Gladys Ormphby" (Ruth Buzzi's brown-clad 'spinster' character) on a park bench. Tyrone would enter the scene, muttering a song (usually "In the Merry, Merry Month of May" air force one shoes,) and, spying Gladys on the bench nike high heels, would sit next to her. He would ask two related 'leading questions,' each earning him a hard whack from a shocked Gladys using her purse. His third statement would be an appeal for medical assistance, at which time he would fall off the bench.

Referring to an only moderately popular candy made from caramel and walnuts, Tyrone would also frequently ask Gladys, "How about a Walnetto?"

Years after Laugh-In ended its run, the two characters were made into an animated Saturday-morning children's show, Baggy Pants and the Nitwits with Tyrone as a helpful, muttering 'superhero.'[4]

Arte and his brother, Cos, earned their Emmy Awards while working on Rowan and Martin's Laugh-In.

Later work

In 1974 jordan heels for women, Johnson appeared in the first season of the Detroit-produced children's show Hot Fudge. He also appeared in 1974 as a celebrity guest panelist (for one week) on the game show "Match Game."

In

1976, he voiced the animated cartoon character "Misterjaw", a blue German-accented shark (with a bow tie and top hat) who liked to leap out of the water and shout "HEEGotcha!" or "Gotcha!" at unsuspecting folks on The Pink Panther Laugh and a Half Hour and a Half Show air force one low.[5] He also voiced the character Rhubarb on The Houndcats.

Later in 1977 cheap air force ones, he hosted the NBC game show Knockout. Instead of being introduced by the announcer (John Harlan), he would always start the show with a small monologue, then would introduce today's contestants.

In 1979 he played Renfield, the comic sidekick of George Hamilton's Dracula, in the surprise box office smash Lov Related articles:

  • ?f=22&t=150
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