Almost every institution with a stake in Greece’s financial future has been asked to make some sacrifice to keep the nation afloat
Add to the list the ECB, which may have to take a write down on its holdings of Greek paper. Private equity investors have already been asked to exchange their bonds for ones worth less than half as much. The IMF will probably put more into a rescue, as will eurozone nations.
According to The Wall Street Journal
The European Central Bank could help solve Greece’s debt puzzle. Talks with private bondholders on a “voluntary” deal to cut €100 billion ($129.3 billion) off Greece’s debt have faltered, with banks arguing they have made the best offer they possibly can. It is increasingly likely that euro-zone governments will need to take a loss, too, to make Greece’s debt profile look sustainable. A move to restructure the ECB’s estimated €45 billion-€50 billion holding of Greek bonds could unlock the process.
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