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Europe seeks 60% writedown on Greek bonds: report

Europe seeks 60% writedown on Greek bonds: report (by MarketWatch)

FRANKFURT (MarketWatch) -- European negotiators are asking Greek debt holders to take a 60% writedown on the face value of their bonds, the Financial Times reported Tuesday. A July deal would have seen private bondholders accept a 21% reduction in the net present value of their Greek bonds. The July plan didn't force cuts in the face value of Greek debt, with bond holders instead set to participate in a swap that would see repayment delayed. The report said the Institute of International Finance, which represents international banks, have offered a 40% cut in net present value rather than the face-value reduction. The newspaper cited a source close to the bondholders as saying the 60% cut in face value would be equivalent to a reduction of around 75% to 80% in net present value.