Mixed market response as Greece deal is proposed

Greek flag

Early on the morning of February 21, an exhausted-looking Jean-Claude Trichet, head of the Eurogroup, made the announcement everyone had been waiting for: a deal had been reached under which Greece is set to receive another massive bailout.

Under the plan hatched after lengthy discussions in Brussels, Greece will undertake to reduce its debt to 120.5% of GDP by 2020. Private holders of Greek debt will take losses of 53.5% on the value of their bonds, with the estimated real loss thought to be as

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