Bloomberg News

Greek Banks May Write Down Old Bonds Up to 74%, Euro2day.gr Says

March 12, 2012

Greek banks may report accounting losses of as much as 74 percent as they exchange old Greek government bonds for new securities and accounting firms push for conservative valuations on the lenders’ books, Euro2day.gr reported, without citing anyone.

Six accounting and professional services firms, including PriceWaterhouseCooper LLC, Grant Thornton LLP and KPMG, recommended that the recorded losses on old bonds be between 68 percent and 74 percent in order to be in line with the net present value loss, the Athens-based website said.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Maria Petrakis at mpetrakis@bloomberg.net


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