The New York Times
Wednesday, October 26, 2011 -- 11:11 PM EDT
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Banks Agree to Take Loss on Greek Debt to Help Resolve Euro Crisis
European leaders in Brussels obtained an agreement from banks in meetings early Thursday to take a 50 percent loss on the face value of their Greek debt, making significant progress toward resolving the euro zone financial crisis.
The accord was reached just before 4 a.m. local time after difficult bargaining and represented a crucial element for restoring credibility to the euro. The severe reduction would bring Greek debt down by 2020 to 120 percent of that nation's gross domestic product, a figure still enormous, but more sustainable for an economy driven into recession by austerity measures.
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