Banks reveal multibillion-euro hit from latest Greek writedown

The deal eurozone leaders struck with private holders of Greek government bonds on the 22 February 2012 to impose deep cuts to the value of their holdings was 'as voluntary as a confession to the Spanish Inquisition', the head of one of Germany’s biggest banks has said.

The comments from Martin Blessing, chief executive of Commerzbank, came on a day that exposed the scale of the damage that Europe’s sovereign debt crisis has done to banks’ balance sheets.

ESO: Background information: Harsher terms leave a ‘bitter taste in mouth’ for bondholders http://www.europeansources.info/record/harsher-terms-leave-a-bitter-taste-in-mouth-for-bondholders/

ESO: Background information: Eurozone agrees second Greek bail-out http://www.europeansources.info/record/eurozone-agrees-second-greek-bail-out/

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