Greece 'may have to write off half its debt'

Greece 'may have to write off half its debt'

The Greek government may have to write off up to half of its entire outstanding debt due to the weakness of its recovery.

That is the view of Standard and Poors which has further downgraded Greece's credit-rating.

EU finance ministers have already conceded that Greece, which is still in recession, will not be able to honour the terms of its €110bn rescue package agreed just a year ago.

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