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Greece is 'likely to need third bail-out'
Greece concluded a complex debt restructuring with private sector creditors on Friday, leading to the declaration of a "credit event" that will trigger about €3.5bn of credit default insurance payouts. There were doubts over the exact impact of the credit default swaps, as Austria said it would need to inject up to €1bn into a state-owned bank as a result. Even as ECB policymaker Ewald Nowotny hailed Greece's debt restructuring a "clear success", he today admitted a third aid package was a possibility. "You have to see this very realistically," he said. "It would be negligent to rule such a thing out completely ... (full story)
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