IMF presses ECB to take hit on Greek bonds: report *PIC*

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IMF presses ECB to take hit on Greek bonds: report (by MarketWatch)

FRANKFURT (MarketWatch) -- The European Central Bank and other public-sector holders of Greek government bonds may also need to take a write-down on the value of their holdings in order to put Greece's debt on a sustainable footing, International Monetary Fund Managing Director Christine Lagarde told reporters in Paris on Wednesday, according to news reports. "The balance between the participation of the private and public sector is a concerning question," Lagarde said. The Financial Times reported that the ECB has fiercely resisted pressure from the IMF to accept some form of reduction of value in its estimated holdings of 40 billion euros ($51.9 billion) of Greek bonds.

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