Greece's creditors reluctant to accept greater losses

Note: This section contains information in English only.
Source: Bloomberg
Greece's creditors are struggling against IMF pressure to accept greater losses on government bonds, said three persons familiar with matter. Lenders require government to issue new bonds worth €70 bn ($91 bn) with a coupon at around 5%. However, IMF is forcing creditors to take smaller coupon to cut Greek GDP ratio to 120% by 2020. Without write-downs Greece's debt burden will be nearly twice the amount of nation's GDP next year, said IMF spokesperson. 
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Thu, 22 Dec 2011 10:54:53 GMT

European markets open higher

European stocks traded higher on Thursday morning partly erasing yesterday's losses, led by financials. Stoxx Europe 600 index added 0.8% at 239.18 while German DAX 30 index climbed 1.2% reaching 5,861.63. FTSE 100 index jumped 0.7% at 5,425.38 and French CAC 40 index gained 1.2% at 3,067.96. 

Thu, 22 Dec 2011 10:03:24 GMT

Standard & Poor's downgrades Hungary credit rating to junk

Yesterday Hungary's credit ratings were cut from BBB- to BB+ by Standard & Poor's. EU and IMF postponed talks about aid package on concerns the Hungary's central bank law will weaken monetary policy independence. Hungary is likely to have slowest growth and highest debt among EU eastern countries next year. Moody's Investors Service already lowered nations rating to junk on November 24.

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