Greek Haircut Would Cost Another € 350m

Businessn.a. ♦ Published: October 18, 2011; 14:11 ♦ (Vindobona)

Austrian banks still have a substantial exposure in Greece. A haircut up to 60% seems possible. Then, another € 350m would have to be written off.

Greek Haircut Would Cost Another € 350m / Picture: ©

A haircut of Greece seems to be unavoidable. EU politicians did not exclude this step anymore. According to Jean-Claude Juncker, a haircut of up to 60% could be realized. The quotation of Greek bonds is already at 40% of their nominal price.

Austrian banks have already written off Greek bonds – but only between 20% and 50%. If the feared haircut is exercised, another € 350m…