ISSN 2330-717X

Eurozone Ministers Say Banks To Take Bigger Loss On Greek Debt

By

(RFE/RL) — Eurozone states have agreed that banks must accept substantially bigger losses on their Greek debt.

Jean-Claude Juncker, Luxembourg’s prime minister who chairs the 17-member eurozone group, announced the agreement as eurozone finance ministers headed into a second day of talks in Brussels.

He would not say how big the banks’ contributions should be, but any substantial increase in writeoffs would increase concerns about the banks’ ability to withstand the losses and the need to shore them up.

On October 21, eurozone finance ministers agreed to unlock the next tranche of Greek bailout funds, potentially saving the debt-stricken country from default.

Once the 8 billion-euro ($11 billion) loan is backed by the International Monetary Fund (IMF), as expected, officials said Athens should get the funds by mid-November.

RFE RL

RFE RL

RFE/RL journalists report the news in 21 countries where a free press is banned by the government or not fully established.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.