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EU leaders reach crisis deal
Private investors have agreed to accept losses of 50 per cent on their Greek bonds, an official says, removing the last apparent roadblock to a broad European plan to solve the continent’s debt crisis. Details of the deal are beginning to emerge, with French president Nicolas Sarkozy telling a press conference that there will be no Greek default. He said that Greek losses for investors would be about €100 billion and that Greek debt will fall to 120 per cent of GDP - but not until 2020. Advertisement: Story continues below At the emergency summit in Brussels, European leaders had already agreed to force banks to ... (full story)
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