Still a lot of work to do in Europe, some things have been agreed to but markets are totally unimpressed so far.
From today's Accutic Plus Blog.
Currently the amount of the “haircut” has not been agreed to, and there are concerns by the market over the size agreed to that will render the European banks as fully capitalized. The figure of 108 bln. euro has been agreed to but is will short of estimates that say it should be 200 to 275 bln.
Euorpan officials are hoping to secure additional funds from G-20 members which may impact the amount of the haircut to be applied to Greek debt. The 60% hoped for amount is still very hard to digest so something around 50% is being hoped for. Outside help would help solve some of these yet to be reached solutions.
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