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EU reaches agreement on Greek bonds

Published: October 27, 2011
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Source: FT

European leaders reached a deal with Greek debtholders on Thursday morning that would see private investors take a 50 per cent cut in the face value of their bonds, a deep haircut that officials believe will reduce Greek debt levels to 120 per cent of gross domestic product by the end of the decade.

The agreement, struck after nearly 11 hours of talks at a summit of eurozone leaders, includes a new €130bn bail-out of Greece by the European Union and the International Monetary Fund.

“Debt sustainability for Greece can only be established if the private sector participates in a substantial way,” Angela Merkel, the German chancellor, said after the deal was reached. “The world had its eyes on us today.”

The Greek deal proved the most difficult and intractable of all the elements of a three-pronged rescue plan that European leaders hope will reverse their escalating sovereign debt crisis. 

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