Greece has had a string of financial “moments of truth” over the past few months, and it’s time for another one. This time, the country’s leaders are meeting to discuss how big a “writedown” (reduction) private lenders are going to take. It’s a contentious tug-of-war between the massive banks that have fueled Greece’s debt binge, and the country’s cash-strapped government. Earlier this year, European banks agreed to a 50 percent reduction, or “haircut,” valued at 100 billion euros. But Greece’s financial situation has deteriorated even further, so officials are seeking a larger reduction that would cut its national debt by somewhere closer to 70 percent.
Read it at CNN
