ECB faces pressure to take haircut on Greek debt

ecb-frankfurt

The European Central Bank (ECB) has come under increasing pressure to take a haircut on its holding of Greek debt after negotiations between the sovereign and the Institute of International Finance (IIF) stalled.

Representatives from the IIF, an industry body representing the major global banks, are in Athens to negotiate a haircut for private sector holders of Greek debt. The group has agreed to reduce the value of its bonds by 21%, wiping off nearly €100 billion ($130 billion) of Greece's

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