Big banks face €20bn hit on bonds
Europe's biggest banks stand to lose €20.6bn on their Greek government bonds.
Banks will voluntarily agree to write down the value of their Greek debt by 21pc as part of the bond exchange and debt buyback programme, the Institute of International Finance said yesterday. Europe's 90 biggest banks hold about €98bn of Greek debt, according to the European Banking Authority.
France's BNP Paribas stands to lose about €1bn; Societe Generale €500m; Deutsche Bank AG €317m; and Credit Agricole SA about €138m. (Bloomberg)