UBS says the 50% writedown of Greek paper is really just 22% after factoring in that only...

|About: UBS Group AG (UBS)|By:, SA News Editor
UBS says the 50% writedown of Greek paper is really just 22% after factoring in that only privately held bonds will be subject to the haircut (leaving the ECB, EU, and IMF holdings whole), and also that Greece will then need to recapitalize its banks. In other words, 50% is not nearly enough. "To achieve an actual 50% reduction ... Greece would need to implement a 100% haircut."