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THE GREEK GOVERNMENT has issued an open invitation to its creditors to sell their bonds back to the government – but to accept losses of between 60 and 70 per cent on their investments.
The Greek finance ministry has told bondholders it is willing to buy back some of their debts, in a move that had been expected for some days.
The proposal is seen as a crucial part of the country’s plans at keeping its debts under control and at a sustainable level, as well as being a crucial step in securing the next round of much-needed bailout funds from the EU and IMF.
The offer applies to investors who hold long-term bonds maturing between 2023 and 2042, with investors participating in the proposal receiving between 30.2 and 40.2 per cent of their investments.
While this is a significant loss for many investors, the long-term nature of the debts mean many would have lent the money to Greece before the country’s economy took its dramatic downturn – so they may be willing to accept their losses, simply to be assured of any return at all.
If investors view the offer positively, and participation is significant, the move could mean Greece’s national debts could fall by tens of billions of euro. This Reuters interactive tool shows how much could be saved.
Early reaction to the news has been positive: Greek 10-year bonds trading on the second-hand markets have rallied, and interest rates this morning was 14.8 per cent – down from 16.4 per cent on Friday, and from around 38 per cent in early March.
The announcement comes as Eurozone finance ministers meet in Brussels to discuss the latest developments in the Greek economy, and discuss developments since last week’s agreement to release €43.7 billion in bailout loans.
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So the practice of arranged marriages continues… behind closed doors, unless some poor girl is strong enough to report her parents . Very sad ..
But now she can report them. That is why this law was brought in, to make sure that if it does happen, there is a law to help the victims of it.
Some of these girls are as young as 9 and some have been ‘married’ to 70 year old members of their own family. If the girls are ‘strong enough’ try to do anything about it the result is usually an ‘honour killing’ or an acid attack. Provided that the unfortunates have survived FGM.
The law will not be able to protect her from her family .
Did not the Prophet[p on Him] not marry a child of about 9?
No she was 7 but the marriage was consecrated when she was 9. Pbuh.
@mjhint – I think you meant consummated when she was 9. Just in case anyone is in any doubt over the ‘prophet’ and his actions concerning his child bride.
The subcontinent is culturally an extremely backward place. Gang rape, FGM and arranged (aka forced) marriages are commonplace.
The need for a force specifically to tackle this problem in the UK is what happens when a microcosm of that society is created within a modern Western nation.
This is why very gradual, controlled immigration is the only way forward, to avoid ghettoisation and the proliferation of subcultures.
Ireland should waste no time in following suit.
It’s a start but how do you ban something that’s ‘hidden’ & ‘cultural?’ Barbaric practice!
A great day for so many young girls throughout the world that have to endure archaic practices that serve no benefit. People who force their daughters into these sham marriages should be ashamed of themselves.
The law against arranged marriages is for the UK only .
This is definitely a move in the right direction by the British Government. The Irish Government and other Governments all over the world should pass similar legislation and make sure it is enforced.
You don’t seriously think that will stop the practice, FGM (female genital mutilation is against the law but it still goes on)
I have an interest in forced divorce. Let’s see if the Registrar General acts now.
I find interesting the image you have chosen be used in this article…
I was at a forced marriage last weekend. A girl who thought she should get married to the guy she’s doesn’t live cos she was ‘that’ age and daren’t be single. Forced marriages are sad.
have your say