Greece sees possibility of 50% haircut on debt-media | world | Hindustan Times
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Greece sees possibility of 50% haircut on debt-media

world Updated: Sep 23, 2011 12:56 IST

Reuters
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Greece's finance minister has told lawmakers he sees three scenarios to resolve the debt crisis, including one in which it obtains an orderly default with a 50% haircut for bondholders, Greek media reported on Friday.

The other two scenarios would be a disorderly default or the implementation of a second, 109 billion euro ($146 billion) bailout plan agreed between Greece and its lenders on July 21, newspapers Ethnos and Ta Nea said, citing people who heard a speech given by finance minister Evangelos Venizelos.

Ta Nea, citing a person who heard the speech to lawmakers, quoted Venizelos as saying "it would be dangerous to request" the 50% haircut. He also said: "This would require an agreed and coordinated effort by many", the paper reported.