IIF: No deal on 'any element' of Greek writedowns (by William L. Watts)

FRANKFURT (MarketWatch) -- There is no agreement between euro-zone governments and international banks on the size of losses banks and other private bond holders should take on Greek government debt, the head of a trade group representing the banking industry said Wednesday night. "There has been no agreement on any Greek deal or a specific 'haircut,'" said Institute of International Finance Managing Director Charles Dallara, in a statement. "We remain open to a dialogue in search of a voluntary agreement. There is no agreement on any element of a deal," he said. European leaders are meeting in Brussels in an effort to complete a wide-ranging plan to deal with the euro-zone debt crisis. European governments are seeking writedowns of 50% or more on Greek debt. A July agreement had envisioned a 21% voluntary writedown in the value of Greek debt held by private bondholders.

European banks need to raise $147 billion: EBA (by William L. Watts)

FRANKFURT (MarketWatch) -- Europe's biggest banks need to raise 106 billion euros ($147 billion) by June to comply with capital requirements agreed by European leaders in a Brussels summit meeting on Wednesday, the European Banking Authority said. Greek banks need to raise 30 billion euros, the EBA said. The increased capital requirements are one element of a multi-part plan European leaders are attempting to put together in an effort to address the euro zone's debt crisis.