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Greek Bondholders May Face 70% 'Haircut': Source
Published:
Monday, 30 Jan 2012 | 12:59 PM ET
Text Size 
By: AP
A person familiar with the negotiations to slash Greece's massive debt said private creditors participating in the deal would face an overall loss on their bondholdings of around 70 percent.
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CNBC.com |
![[cnbc explains]](http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/_News/_CNBC_EXPLAINS/_IMAGES/CNBC_explains_icon1.gif)
sustainable. That is a precondition for further bailout money for Greece from the eurozone and the International Monetary Fund
.
The person said Monday that the 70 percent loss was produced by cutting the bonds' face value in half, reducing the average interest rate to less than 4 percent and pushing repayment of the bonds decades into the future.
The person spoke on condition of anonymity because the talks are confidential.
© 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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