Taxpayers in the euro region may face losses of as much as 40 billion euros ($55 billion) should banks be forced to take writedowns on Greek bonds. The 47 billion euros of bilateral loans Greece has received from the region’s governments have the same level of seniority as the nation’s bonds, according to Evolution Securities Ltd. in London. That means losses inflicted on bondholders must be imposed on the loans as well as notes bought by the European Central Bank under its 165 billion-euro Securities Market Program if a non-voluntary restructuring takes place. “The bilateral loans have got to be the worst bit of ... (full story)