The decisions taken on 26 October by the European Council were judged positively by markets, with large gains in stocks across Europe and steep reductions of spreads and insurance costs for Italian, Spanish and Portuguese bonds.

The Greek debt held by the private sector, aka banks, will be cut voluntarily by 50%, thus making it sustainable and reduce it to manageable levels of 120% by the year 2020.

The International Financial Institute representing the world's larges...

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