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“The bail-outs to Greece are turning out to be much less costly for banks than anticipated,” [reports Der Standard](http:// http://derstandard.at/1315005789966/Hellas-Hilfe-Griechenlandhilfe-kostet-Banken-viel-weniger-als-gedacht). Based on a study by Barclays Capital, the daily writes that institutions holding Greek securities would lose only from five to ten percent of their initial investment, rather than the 21 percent estimated. Barclays’ new estimate is based on the current value of Greek bonds and not their nominal face value, which is fixed when the bonds are issued.

However, notes Der Standard, “doubts are growing among experts over whether the expected participation by the banks in the rescue of Greece will really diminish the debt.” According to the newspaper, the head of the European Financial Stability Fund, Klaus Regling, has said the plan “does not work. The idea was to buy time. Countries should fulfil their obligations. That works in Portugal and Ireland, but not yet in Greece.”