Reuters is running some headlines from a source about Greece stepping outside the IIF to talk to creditors about harsher terms on the bond swap. Could get ugly. Should weigh on EUR.
The Greeks are demanding that the new bonds’ Net Present Value, — a measure of the current worth of their future cash flows — be cut to 25 percent, a second person said, a far harsher measure than a number in the high 40s the banks have in mind.
